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Business

Atiku says crypto prohibition will restrict inflow of capital into Nigeria

Atiku has called on the FG to revisit the recent policy banning the transaction of cryptos in Nigeria’s financial institutions.

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Intels says Atiku no longer a majority shareholder

Former Vice President, Atiku Abubakar says that the plan to prohibit cryptocurrency transactions by the CBN will restrict the inflow of capital into Nigeria.

Atiku disclosed this in a social media statement on Saturday afternoon titled, “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,” Atiku said.

READ: Cryptos likely to gain at least 1000% very soon

Atiku urged that Nigeria needs jobs as the economy recovers to pre-pandemic levels, citing the NBS report 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.

He added that introducing policies like the prohibition of crypto during this period will also restrict more capital inflows, and he calls for regulation of the industry, not prohibition, citing that “there is already immense economic pressure on our youths.”

“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 damaging to national security. That may be a better option, than an outright shutdown,” he urged.

Atiku urged that the FG must create jobs and expand the economy and reduce bottlenecks towards investments.

READ: Recession: Nigeria must stop borrowing for anything other than essential needs – Atiku

What you should know 

  • Nairametrics reported that the Central Bank of Nigeria notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in crypto and other digital assets.
  • In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

3 Comments

3 Comments

  1. Ola ajibawo

    February 6, 2021 at 8:34 pm

    Central bank made a biggest mistake by stopping prohibition of crypto in Nigeria this will render more youth jobless this government is just making no way for d youth I look at it dat a policy dat will help dem will be council pls government should think deep about this policy

  2. Chief Ngutor Anyam

    February 6, 2021 at 9:42 pm

    The CBN policy on Cryptocurrency will be counter-productive on defending the Naira. Cryptocurrency investors will now buy Dollars to invest thus putting more pressure on Dollar demand. I also agree with Turaki Alhaji Abubakar Atiku that overall, it will restrict Foreign Direct Investment inflows, and especially Dollar remittances which will be utilised directly for Cryptocurrency investments.

  3. Kesiye

    February 8, 2021 at 3:45 am

    It’s like this crypto trading issue will be one big stick that will determine who wins 2023 election. Bet me. Nigeria is second largest trader in it and you want to dare them. Come and win election!

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Business

School kidnappings: Military and the Police will continue to go after kidnappers – Buhari

The President has assured Nigerians that the military and the police will continue to go after kidnappers.

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Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari

President Muhammadu Buhari stated that the Federal Government is working hard to bring an end to the recent incident of mass school kidnappings in Northwestern Nigeria and urges the Military and the Police will continue to go after kidnappers.

The President disclosed this in a statement on Tuesday morning , reacting to news of the release of schoolgirls kidnapped in Zamfara State.

I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe.

This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident,” Buhari said.

Buhari added that the FG needs the support of local communities to bring an end to school kidnappings by terrorists, and urges the authorities to keep going after them.

We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud,” he said.

What you should know 

  • Nairametrics reported today that The Governor of Zamfara State, Dr. Bello Matawalle stated the kidnapped schoolgirls of the Girls Secondary School, Jangebe, have been released after being kidnapped last week.

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Business

US supports appointment of new service chiefs, affirms close ties with Nigeria

The US Government has endorsed President Buhari’s appointment of ex-military service chiefs.

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FG to attract foreign investors for Actors Guild of Nigeria

The United States Government has expressed its support for the recent appointment of military service chiefs by President Muhammadu Buhari.

The new appointments are expected to bring new approaches to combating terrorism in the northeast and provide national security across the country.

According to a statement signed by the spokesperson for the US Department of States, Ned Price, this disclosure was made by the new US Secretary of State, Antony J. Blinken, during a phone call conversation with Nigeria’s Minister for Foreign Affairs, Geoffrey Onyeama, on Monday, March 1, 2021.

He also acknowledged the threats that violent extremists posed to Nigeria and regional security as a whole.

READ: President Biden revokes Trump’s ban for green card applicants in US

While highlighting the importance that the United States placed on its relationship with Nigeria, Secretary Blinken outlined a holistic approach to the US-Nigeria partnership based on their shared values of democracy, respect for human rights and robust people-to-people relations.

The statement said that as part of efforts to ensure a good relationship with Nigeria, Blinken referred to President Biden’s revocation of immigrant visa restrictions on Nigeria as an affirmation of the close ties between Americans and Nigerians.

He also reiterated the support of the United States for Dr Ngozi Okonjo Iweala as the new Director-General of the World Trade Organization (WTO).

Talking about the conversation with his US counterpart, Geoffrey Onyema expressed his delight at the discussion which covered a broad range of bilateral and multilateral issues.

READ: FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

He said, “Very glad to re-engage, through a very nice phone call with US Secretary of State, Secretary Blinken. We covered a broad range of bilateral and multilateral issues and look forward to increased cooperation.”

On his part, Secretary Blinken said, “Delighted to speak with Foreign Affairs Minister, Geoffrey Onyema. We deeply value our bilateral relationship with Nigeria and look forward to rejuvenating our partnership based on shared values of democracy, respect for human rights, and robust people-to-people relations.”

What this means

This appears to be a renewed partnership and bilateral relationship between the United States and Nigeria, which seemed to have suffered some setbacks during the Trump administration.

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This was clearly evident in visa restrictions on Nigeria and the refusal of the last US administration to support the confirmation of Nigeria’s Ngozi Okonjo-Iweala as the Director-General of the WTO despite the unanimous support of member states.

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