Moghalu Reacts To CBN’s Decision To Lift Cryptocurrency Ban

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has reacted to the decision of the apex bank to lift the ban on cryptocurrency.

Naija News recalls that former President Muhammadu Buhari in 2021 imposed a ban on cryptocurrency.

However, the apex bank on Friday lifted the ban on cryptocurrency assets in the country and asked banks to disregard its earlier ban on crypto transactions.

The apex bank’s Director of the Financial Policy and Regulation Department, Haruna Mustafa, made this known in a circular dated Friday, December 22, 2023.

In the circular titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS),’ the apex bank stated that current trends globally had shown the need for crypto regulation.

Reacting to the development, the former Apex bank chief said he was happy with the development, stating that the CBN did a smart thing.

“Glad @cenbank has finally done the smart thing regarding #Cryptocurency and the Nigerian financial system,” Moghalu wrote.

Naija News recalls that former Bayelsa lawmaker Ben Murray Bruce had earlier commended the President Bola Tinubu-led government for taking the decision to lift the ban on cryptocurrency.

Bruce, in his tweet, wondered why the administration of the former president banned crypto operations in the country.