Ray Youssef, CEO of NoOnes shares a different perspective regarding the recent moves by the Central Bank of Nigeria (CBN) led by Dr. Yemi Cardoso, especially the sweeping decision to restrict cryptocurrency exchanges from transacting in the country.
The Nigerian government had through the apex bank recently blocked the online platforms of Binance, OctaFX, Coinbase and others to avert what it considers continuous manipulation of the forex market and illicit movement of funds.
Meanwhile, the CBN had in December 2023 reviewed its position on the ban on cryptocurrency transactions in Nigeria.
This was contained in a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by Haruna Mustafa, the Director, Financial Policy and Regulation Department, in which the apex bank stated that “current trends globally showed the need for crypto regulation”.
Then, CBN said it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.
But, yesterday, Dr. Cardoso, Nigeria’s Central Bank Governor, justifying the crypto exchange restrictions, stated that about $26 billion passed through Binance Nigeria in the last one year.
He dropped this hint in response to the questions on the activities of cryptocurrency platforms like Binance, especially how the apex bank thought about balancing currency manipulation and not stifling innovation.
Cardoso argued that the cryto exchange restrictions were based on the fact the CBN has a responsibility to protect Nigerians (and investment community).
However, a crypto expert, Ray Youssef, the CEO of NoOnes, the financial communication super app connecting people of the Global South to the world’s financial systems, has argued that the CBN should take a fearless bet on the potential of the Nigerian youth and total potential energy of the economy would inspire Africa and the world.
His comment reads:
“Africa is the most over regulated region in the world and this is directly relational to poverty and stagnation, especially when governments do it with an unsteady frantic footing.
“No nation has ever escaped this inflationary death spiral and like quicksand the more frantic the moves the faster you sink.
“There is still a chance for Nigeria to escape and set a precedent for all others to follow.
“A fearless bet on the potential of their youth and total potential energy of their economy would inspire Africa and the world. The Nigerian people have rejected CDBC’s and embraced Bitcoin as a medium of exchange and lead the world in adoption, putting all your bets on black is the winning bet. We at NoOnes invite the government to an official dialogue.
“We advocate for the youth and a Pan African Renaissance starting with fixing the money problem first.
“There is a win win win here, the only losers will be those who want the entirety of Africa suppressed. This is our time and this time it shall be different!”
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