Arewa, Yoruba, Indi-Igbo youth movements back ban on cryptocurrency

The Nigeria Ethnic Youth Leaders’ Council (NEYLC) has said cryptocurrency ban by the Central Bank of Nigeria (CBN) is in the interest of the nation.

The CBN had in a circular dated 5th February 2021, notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.

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The apex bank also directed financial institutions to close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, a development that attracted uproar in the country.

In a statement on Sunday, the Council, which is made up of the Arewa Consultative Youth Movement, Ohanaeze Ndi Igbo Youth Movement, Niger Delta Youth Council, Oduduwa Youths and Middle Belt Youths said the ban was a patriotic and courageous move to sanitise the sector.

The statement signed by Nwada Ike Chiamaka, the Ohanaeze Youth Secretary General and Head of Coalition’s Secretariat commended the CBN governor, Godwin Emefiele and his team for the policy, saying it was long overdue.

“We urge him not to relent in his efforts to sanitise not only the nation’s banking sector but the entire economic landscape.

“We know of a fact that this policy is a hard hit against financial crimimals of the underworld who in turn will stop at nothing in their desperate bid to ensure that the policy is changed so that they can continue to have their way.

“We urge the CBN team not to succumb to any pressure. The policy should be strictly implemented and those who flout the rule should be sanctioned appropriately,” the council said.