Moghalu advises Buhari govt on issue of Crypto ban in Nigeria

Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari’s government over the cryptocurrency ban by the apex bank.

Recall that CBN ordered banks and financial institution in Nigeria to close the accounts of cryptocurrency traders.

In his reaction to the development, which Nigerians have greatly criticised, Moghalu in an interview on Channels TV Sunday Politics, said the move was as though the Buhari-led administration is always making decisions to take away opportunities from Nigerians, especially in a depressed economy.

Moghalu stated that despite the risks involved in trading in cryptocurrencies, he would not recommend that crypto be banned outrightly because it is fast becoming a real factor in the Nigeria’s investment ecosystem and livelihood of many Nigerians.

The former presidential candidate said if he were in a government position to make a decision, it would be to balance the risks against the country’s current realities.

According to him: “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.”

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Moghalu advised the 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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