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Cryptocurrency should be ‘risk-managed’ in Nigeria, not restricted – Moghalu

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Moghalu says cryptocurrency provides a living for thousands of young Nigerians.

Prof. Kingsley Moghalu [Twitter/@MoghaluKingsley]

Former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has expressed disapproval with the restriction of cryptocurrency trading in Nigeria.

The Central Bank of Nigeria (CBN) earlier this year directed financial institutions to halt their trading operations, and close accounts of customers using their systems.

Many officials in the regulatory and law enforcement agencies have raised alarm about the dangers of the digital entity that’s gained widespread acceptance with young Nigerians.

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But Moghalu said in a series of tweets on Monday, November 15, 2021 that cryptocurrency is an asset like any other in the world and should not be treated with disdain.

He noted that it provides a living for thousands of young Nigerians who are not benefitting from the country’s struggling economy.

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“We should think forward not backward in a country where the youth make up nearly 70% of the population,” he tweeted.

The 2019 presidential candidate said cryptocurrency trading should only be risk-managed to guard against parts of it that can be manipulated to commit crimes.

The cryptocurrency trading restriction in Nigeria has been criticised in many quarters, including by even Vice President Yemi Osinbajo, but the CBN has refused to budge.

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Trading in the country is now done without the involvement of financial institutions.

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