Ben Bruce Reacts After CBN Lifts Ban On Cryptocurrency

Former Bayelsa lawmaker, Ben Murray Bruce, has reacted to the recent move by the Central Bank of Nigeria (CBN) to lift the ban earlier imposed on cryptocurrency.

Naija News recalls that in 2021, the administration of former President Muhammadu Buhari banned the use of cryptocurrency in Nigeria.

It asked banks at the time to identify individuals or businesses engaging in or operating crypto currency exchanges within their systems and terminate their accounts.

However, the apex bank announced on Friday that it has lifted the ban on cryptocurrency. The apex bank urged banks to disregard the previous crypto ban.

In response to the development, Bruce asked, via his official X handle, why the Buhari-led government had outlawed the crypto market in Nigeria.

The action, according to the former lawmaker, was an unproductive and counterintuitive move that reduced the country’s GDP.

“I could never understand why Nigeria banned financial instruments with a $1.8 trillion market capitalisation. It was counterintuitive and counterproductive for a nation with a shrinking GDP. It is very heartening that the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, has courageously done what needed to be done. It will open Nigeria to an influx of new capital and create further employment for our countrymen and women. When you have the right people in power, the nation will tower. Congratulations Nigeria. Now, let’s make an honest living in this sector,” a tweet by Bruce read.