Economy

CBN crypto ban: Emefiele has dealt a fatal blow on terrorist financing in Nigeria, Africa – Centre for Justice

Access Bank

THE African Centre for Justice and Human Rights (ACJHR) has expressed delight at the recent policy introduced by the nation’s apex bank, the Central Bank of Nigeria,CBN, that askeddeposit money banks, non-financial institutions, and other financial institutionsnot to do business in crypto and other digital assets.

The organisation,in a statement by its Executive Diretor,Chinwendu Nduka Edede,said it “views this bold and courageous decision at this time of the nation’s history as a welcome development.”

“The ACJHR views this bold and courageous decision at this time of the nation’s history as a welcome development.

“An unbiased review of the policy will reveal to objective minds that the ban will go a long way in halting growing financing of terrorism, money laundering and illicit transactions in the country,”it said.

ACJHR added:”We are not unaware of the criticisms that the policy had attracted to the CBN and its governor, Godwin Emefiele, but they are not completely unexpected. ”

“It is expected that those who benefit from the vices the ban is intended to curb will not sit back and watch but will want to fight back vigorously by way of sponsoring attacks on the apex bank and its governor,”it further said.

The statement further read:”We are confident that the ban would obstruct the financial transactions of terrorists and bandits, who get funds for their illicit activities through cryptocurrencies.

“The crypto ban has no doubt dealt a fatal blow on terrorist financing in Africa and Nigeria.

“In the long run, Nigeria and the entire continent will gain tremendously from the ban.

“We therefore urge all stakeholders to support the CBN to ensure the success of this patriotic and well-thought out policy.

“We also advise the CBN not to be deterred by the barrage of criticisms that has so far trailed the introduction of the policy because we know that in the long run, Nigerians and Africans will appreciate the decision better when the inherent benefits begin to manifest for all to see.”

 

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