– Reactions continue to trail the recent directive of the Central Bank of Nigeria (CBN) concerning cryptocurrency transactions
– A number of experts in the country have been sharing their thoughts on the trending topic
– A former World Bank official, Dr. Oby Ezekwesili has also penned down her opinion on the issue
Nigeria’s former minister of education, Dr. Oby Ezekwesili has shared her thoughts on how the Central Bank of Nigeria (CBN) should have handled its recent ban on cryptocurrency transactions.
Ezekwsili, an accomplished chartered accountant and former vice president of World Bank’s Africa division, took to her Twitter page to reel out what the apex bank should do before dishing out such directives.
According to her, the CBN should have:
1. Map all the legitimate risks associated with cryptocurrency
2. Gather a subset of the super brilliant Nigerian young minds in the financial technology market and
3. Listen and learn more.
“Learning is the greatest asset of the policy-maker. Never late.”
Recall that the CBN recently directed all banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
The directive was contained in a circular issued on Friday, February 5, distributed to deposit money banks, non-bank financial institutions, and other financial institutions.
The circular was signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.
Meanwhile, a former presidential aspirant, Adamu Garba, has stated that investing in cow business is better than getting involved in the cryptocurrency business.
In a post shared on his Twitter page on Friday, February 5, the controversial businessman and politician said cow business boasts of huge returns on investment.
Garba’s tweet, however, fetched him harsh criticisms from Nigerians who lambasted him for taking sides with the CBN.
Many Nigerians had earlier described the move as a deliberate attempt to kill innovation and self-employment, and close the gate to the reality of a digitally-evolving world.