{"id":36726,"date":"2021-02-08T19:12:42","date_gmt":"2021-02-08T19:12:42","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=36726"},"modified":"2021-02-08T17:20:54","modified_gmt":"2021-02-08T17:20:54","slug":"crypto-ban-in-nigeria-moghalu-advises-buhari-govt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt","title":{"rendered":"Crypto ban in Nigeria: Moghalu advises Buhari govt"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buhari\u2019s government over the cryptocurrency ban by the apex bank.<\/p>\n

Recall that CBN ordered banks and financial institutions in Nigeria to close the accounts of cryptocurrency traders.<\/p>\n

CBN in its circular signed by Director of Banking Supervision, Bello Hassan, directed financial institutions to halt any transactions in crypto or to facilitate payments for crypto exchanges.<\/p>\n

Reacting 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.<\/p>\n

The former presidential candidate 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 Nigeria\u2019s investment ecosystem and livelihood of many Nigerians.<\/p>\n

He said if he were in a government position to make a decision, it would be to balance the risks against the country\u2019s current realities.<\/p>\n

He said: \u201cA lot of the activities across the world are going digital, and I would not recommend banning it (cryptocurrencies) outright.<\/p>\n

\u201c$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.\u201d<\/p>\n

Moghalu advised the government to make the investment climate more favourable and friendly to enable foreign investment.<\/p>\n

\u201cRegular currencies depreciate against cryptocurrencies such as the BTC but many Policies from the bank in the past few years have not been favourable.<\/p>\n

\u201cThe Nigerian Government should try to make the investment climate far more friendly and efficient than it is now. Any investment has risks.<\/p>\n

\u201cIt is unfriendly, that\u2019s why the foreign investment is declining,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buhari\u2019s government over the cryptocurrency ban by the apex bank. Recall that CBN ordered banks and financial institutions in Nigeria to close the accounts of cryptocurrency traders. CBN in its circular signed by Director of […]<\/p>\n","protected":false},"author":84,"featured_media":36725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,97,2947,2948,254],"class_list":["post-36726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-buhari","tag-crypto-ban-in-nigeria","tag-moghalu","tag-nigeria"],"yoast_head":"\nCrypto ban in Nigeria: Moghalu advises Buhari govt - Nigeria<\/title>\n<meta name=\"description\" content=\"A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buha ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto ban in Nigeria: Moghalu advises Buhari govt\" \/>\n<meta property=\"og:description\" content=\"A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buha ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-08T19:12:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/02\/img-602172d111064.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Crypto ban in Nigeria: Moghalu advises Buhari govt\",\"datePublished\":\"2021-02-08T19:12:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\"},\"wordCount\":323,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/02\/img-602172d111064.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Buhari\",\"Crypto ban in Nigeria\",\"Moghalu\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/crypto-ban-in-nigeria-moghalu-advises-buhari-govt\",\"name\":\"Crypto ban in Nigeria: Moghalu advises Buhari govt - 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