- Nigeria’s Vice President calls out the Central Bank on their prohibition of crypto
- According to VP Yemi Osinbajo, a “robust regulatory regime” is necessary
- The Central Bank of Nigeria (CBN) prohibits cryptocurrency transactions
In a circular published last February 5, 2021, the Central Bank of Nigeria (CBN) banned local banks from providing account services to crypto exchanges.
Authorities ordered the closure of cryptocurrency accounts. In addition to that, the CBN says that failure to comply may lead to “severe regulatory sanctions.”
In response, many key figures in Nigeria spoke up against these rules. Timi Agama, a spokesperson of the country’s SEC, stood against the ban. “We need to review, understand, appreciate and introduce regulations that will guide the market’s movement in this direction,” he said.
More recently, the Vice President of Nigeria Yemi Osinbajo also called out the Central Bank of Nigeria. In his speech at the Bankers Committee meeting, he said that regulators in the country must consider embracing disruptive technologies.
As seen in many other sectors, disruption makes room for efficiency and progress.
The Vice President urged the Central Bank to avoid “killing the goose that might lay the golden egg.” Instead, he urged them to provide a “robust regulatory regime.”