The Ban On Cryptocurrency In Nigeria BY NYCE AYUK
The world is moving at breakneck speed. The maneuvers for global dominance, economic prosperity and pre-eminent position are getting fiercer, smarter and will test the mettle of even powerful economies.
In this race akin to the arms race that defined much of the 20th century, only nations who make the right and timely decisions will be victorious; those who decide to play footsie will have themselves to blame.
It is in the light of the above that I view the recent announcement of the Central Bank of Nigeria banning cryptocurrency operations in Nigeria as ill conceived, shortsighted and will haunt the nation years after nations who made the right policy choices are reaping bountiful harvest from their foresighted policy initiatives.
The announcement by Nigeria’s Central Bank caught many discerning watchers of Africa’s largest economy napping. After a terse statement banning cryptocurrency operations, the CBN offered more…