Nigeria’s former Minister of Education, Oby Ezekwesili, has listed three important steps the Central Bank of Nigeria (CBN) should have taken in handling its recent ban on cryptocurrency transactions.
The CBN directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Bank Financial Institutions (NBFIs) local financial institutions to stop any transactions in crypto or facilitating payments for crypto exchanges.
According to a circular signed by the Director of Banking Supervision, Bello Hassan, and Director, Payments System Management Department, Musa I Jimoh, disobedience to the directive will attract sanctions.
But in a series of tweets via her Twitter handle on Monday, Ezekwesili berated the apex bank for dishing out such directives.
The former vice president of World Bank’s Africa division said the CBN should have mapped all the legitimate risks associated with cryptocurrency.
She said that the apex ban should have gathered a subset of the super brilliant Nigerian young minds in the financial technology market.
Ezekwesili stressed that the CBN should have listened to some financial experts and learn more about the cryptocurrency before the ban.