Kingsley Moghalu, a former Deputy-Governor of the Central Bank of Nigeria, argues that the ban placed on cryptocurrency by the apex bank does not make the use of the currency a criminal act in Nigeria.
Moghalu said this during an interview with Channels TV on Sunday evening, where he also added that the ban on cryptocurrencies might not be the wisest decided by CBN.
“I do not interpret it as criminalizing crypto; I interpret it as a directive to financial institutions under the control of the CBN not to deal with these cryptocurrencies,” he said.
He added that the directive was targeted at exchanges of cryptocurrencies. According to Moghalu, it did not “criminalize individuals transacting in exchanging based on crypto, although it becomes more difficult if the exchanges are made suspect by the CBN.”
“It’s a bit of a grey area, but the CBN said it’s not legal tender, but they don’t have to tell me what we can exchange for value. Therefore, it does not criminalize cryptocurrency,” he added.
Asserting whether the decision of CBN to ban the use of cryptocurrency in the country was the wisest decision, Moghalu said although the bank had sent out a circular in 2017 declaring that cryptos were not a legal tender in the country, ”the SEC recognizes crypto as a financial asset, and in September they said they were going to put out a regulatory framework for that.”, Moghalu assert.
He disclosed that Bitcoin and other crypto was identified as ”freedom money” as the value of crypto is not determined by the value of legally acceptable currencies in the country,
“We need to understand that crypto doesn’t have an underlying value, because unlike a normal currency, which is backed by foreign reserves, productive nature of the country that owns the currencies and other factors… that’s not what happens with cryptocurrencies. But we live in a world of innovation, and cryptocurrencies bypass central banks.
“Nigeria is the second biggest user of bitcoin, and during the endSARS protests, these cryptocurrencies were used to support the protest when the CBN blocked accounts.”
Moghalu further states that the cryptocurrency used in the nation range from business to politics, especially for the youths; hence the ban on the currency might not be the best decision.
“There is the financial aspect; there is the political aspect. There is the private economic aspect of it and the aspect of business opportunity for young Nigerians who trade these instruments.
“The CBN directive is legal, but was it the wisest way to approach the risk of cryptocurrencies? I am not sure about that. That is why I was worried about this response from the central bank,” he added.
77-Year-Old Eze Boniface Okereke of Uzoubi, Imo State narrates how a policeman harassed him and other matters
His Royal Highness, Eze Boniface Okereke, the Igwe of Uzoubi Umunna Orlu in Imo State, recounts the clash between members of the Eastern Security Network and the Nigerian Army in his community during an interview with a news correspondent, Chidiebube Okeoma.
In his interview, the king also narrated his unfortunate ordeal at the hands of a policeman he believes is from the North.
Eze Boniface reflects that the Policeman would not maltreat him the way he did if he were a Yoruba or Hausa monarch, he said, claiming the Policeman forced him to lie down while pointing the gun on him.
Read the full interview below;
Can you give a brief introduction about yourself and a summary of what happened?...
Veteran Yoruba actress, Mama Ereko has taken to her social media to slam actor Jamiu Azeez for accusing her wrongly.
This came after the actor Jamiu Azeez cried uncontrollably on social media yesterday revealing some movie producers are allegedly trying to steal the concept of his yet to be released movie where he featured popular socialite, Aunty Ramota.
The actor also said sold his land and borrowed money to produce the movie.
Reacting to the video, Mama Ereko denied the allegations in Yoruba as she rained curses on the actor.
Sharing the video on her Instagram. The actress captioned the video;
"Baje Eniyan Koda Ise Oluwa Duro
My Fams All over the World pls I need...
An Ogun state farmer, Dele Olowoniyi, has been slaughtered while sleeping at a farm settlement at Oba village Imeko, in Imeko-Afon Local Government Ares of Ogun State by suspected Fulani-herdsmen.
Reports gathered revealed that the farmer, Olowoniyi, was found dead by his wife with several machete cuts to his neck and other parts of the body on Sunday.
An anonymous source told reporters that some Fulani herdsmen invaded the village in the night with guns and cutlass, killing Olowoniyi while sleeping on the farm.
The source narrating the ordeal recount, “One of our brothers here in Imeko was killed in the early hour of today (Sunday) around 1 am by Fulani herdsmen.