Following the Central Bank of Nigeria‘s directive asking financial institutions to close accounts dealing in or facilitating payments for cryptocurrency, a former Presidential candidate, Adamu Garba, has shared his opinion.
Many Nigerians reacted negatively to the announcement calling it archaic.
In an opinion he shared his page on Twitter, Adamu said cryptocurrencies was a shortcut to business and many people have lost money investing in it.
He went further to advise Nigerians to invest in real assets like cows writing that cow ranching is a more lucrative business than all cryptos combined.
“Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest in real assets, like cows, which assured of huge returns on investment. Cow Ranching business is more lucrative than all cryptocurrencies combined. Lol.”
The CBN had in a circular addressed all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately,” the CBN said.