Atiku appeals to Buhari: Don’t shut down cryptocurrency business

Former Vice-President Atiku Abubakar
Former Vice-President Atiku Abubakar
Former Vice-President Atiku Abubakar: makes an appeal for cryptocurrency

By Abankula

Former vice-president Atiku Abubakar has urged the Buhari administration not to shut down cryptocurrency business, as announced by the Central Bank of Nigeria on Friday.

In a statement signed by him on Saturday, Atiku urged government to regulate the sector rather than embarking on an outright shutdown.

“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

“It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown”, he said.

The statement referenced the declining inflow of foreign capital into Nigeria from $23.9b in 2019 to $9.68b in 2020 and said the economy needs an expansion, rather than a contraction.

Read the full statement:

We Need To Open Up Our Economy, Not Close It

The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation.

What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.

Already, the nation suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.

This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.

There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.

We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.

2 COMMENTS

  1. Idiot Atiku, go and open the accounts that will be blocked. You are always fast in sending congratulatory messages to world leaders as if you are the president of Nigeria due to your criminal upbringing. Instruct CBN not to block the criminal accounts. Shame

  2. Atiku. Can easily tell us solutions to anything. He talks as if Nigeria is waiting for him to take the sit of power. He attacks anything he hears without analysing it. Has he done a research on this policy? NO! Just that he thinks it will be suiting to the Nigerian you the whom am sure he does not care about. If the economic think tank thinks it has security effect on Nigeria, they should shut it down. Our security is first and foremost.
    When we are secured, we can have meaningful progress. But when there is insecurity everywhere and the financing of terrorism if through this cryptocurrency which has little or no regulation, then it has to be shut down and frustrate the recruitment of more people into the group that are terrorising us all.

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