Nigeria’s former Minister of Education, Dr. Oby Ezekwesili has shared her thoughts on how the Central Bank of Nigeria (CBN) should have handled its recent ban on cryptocurrency transactions.
Ezekwsili, an accomplished Chartered Accountant and former Vice President of World Bank’s Africa division, took to her Twitter page to reel out what the apex bank should do before dishing out such directives.
According to her, the CBN should have
1 Mapped all the legitimate risks associated with cryptocurrency
2. Gather a subset of the super brilliant Nigerian young minds in the financial technology market
3. Listen and learn more.
She added: “Learning is the greatest asset of the policy-maker. Never late.”
Recall that the CBN recently directed all banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
The directive was contained in a circular issued on Friday, February 5, distributed to deposit money banks, non-bank financial institutions, and other financial institutions. The circular was signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.
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