Ban on Crypto: Buhari taking investment opportunities away from Nigerians, says ex-dep gov CBN

A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has also lent his voice to the cryptocurrency ban by the apex bank.
The former presidential aspirant berated President Muhammadu Buhari’s government over the ban.
The CBN had made a shocking order to banks and financial institution in Nigeria, asking them to close the accounts of cryptocurrency traders.
Speaking on the matter while featuring in an interview on Channels, Moghalu said the Buhari-led administration is always making decisions that will take away opportunities from Nigerians, especially in a depressed economy.
Acccording to him, despite the risks, it is not ideal to ban it outrightly because it is fast becoming a real factor in the Nigeria’s investment system and livelihood of many Nigerians.
He added that the best thing to do is to  balance the risks against the country’s current realities.
He said: “A lot of the activities across the world are going digital, and I would not recommend banning it (cryptocurrencies) outright.
“$500 million worth of Bitcoin has been traded in Nigeria within the last five years, and Nigeria is one of the top 10 countries in the use of cryptocurrencies in the world today.”
He urged Buhari’s govt government to make the investment climate more favourable and friendly to enable foreign investment.
“Regular currencies depreciate against cryptocurrencies such as the BTC but many Policies from the bank in the past few years have not been favourable.
“The Nigerian Government should try to make the investment climate far more friendly and efficient than it is now. Any investment has risks.
“It is unfriendly, that’s why the foreign investment is declining,” he added.

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