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Oby Ezekwesili has faulted the ban on cryptocurrency trading

The ban on cryptocurrency trading by the Central Bank of Nigeria, has been faulted by the Former Minister of Education, Oby Ezekwesili.

Ezekwesili lambasted the CBN, saying the order makes the country appear unprepared to embrace the future.

The Apex bank had banned Deposit Money Banks, Non-Financial Institutions, other financial institutions from doing business in Crypto and other digital assets.

It also directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

Reacting to the development, Ezekwesili said the CBN got it wrong by banning crypto, noting that it should have learnt more about the legitimate risks associated.

She tweeted, “Frankly, CBN, all you needed to do was map all the legitimate risks associated with #cryptocurrency and gather a subset of the super brilliant Nigerian young minds in #FinTech so you listen and learn more. Learning is the greatest asset of the policy-maker. Never late.

“Our country’s DNA for irony is uncanny. At the same moment, as we celebrate one of our own leading a global trade institution, we have a memo from our Central Bank making country appear unprepared to embrace the future.”

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