News

Cryptocurrency: CBN ban makes Nigeria unprepared for future – Oby Ezekwesili

Published

4 years ago

February 6, 2021

Former Minister of Education, Oby Ezekwesili has faulted the ban on cryptocurrency trading placed by the Central Bank of Nigeria.

The CBN gave the order as seen in a statement issued on Friday, stressing that all banking institutions are to close the accounts of customers with cryptocurrency transactions immediately..

The apex bank added that breaches of the directive will attract severe regulatory sanctions.

Reacting to the ban, Ezekwesili slammed the CBN, saying the order makes the country appear unprepared to embrace the future.

She tweeted, “Frankly, CBN, all you needed to do was map all the legitimate risks associated with #cryptocurrency and gather a subset of the super brilliant Nigerian young minds in #FinTech so you listen and learn more. Learning is the greatest asset of the policy-maker. Never late.

‌

“Our country’s DNA for irony is uncanny. At the same moment, as we celebrate one of our own leading a global trade institution, we have a memo from our Central Bank making country appear unprepared to embrace the future.”