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New report says Twitter, cryptocurrency ban crippled Nigeria’s foreign direct investment


Nigeria’s foreign direct investment (FDI) was crippled by the ban on Twitter and cryptocurrency according to a new report, ‘Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities’.

It was gathered that the livelihood of youths, numbering millions, was significantly impacted by the arbitrary government policies, thereby, denying the country tax revenue from the population monetising digital innovations.

Ripples Nigeria had reported that the Central Bank of Nigeria (CBN), on February 5, 2021, directed banks to close accounts transacting cryptocurrency, this threw a spanner in the growing adoption of bitcoin and other cryptocurrencies in the country.

The Twitter ban took effect on June 5, 2021, following the social media’s decision to delete one of President Muhammadu Buhari’s tweet which it found inciting.

While the ban on Twitter was lifted on January 13, 2022, the restriction placed on cryptocurrency transactions has remained, with banks locking customers out of accounts related to crypto.

The new report, which was supported by the African Development Bank (AfDB) and the United Nations, said the crippled FDI was noted in the Financial Technology (Fintech) sector.

Read also :Adopting cryptocurrency as money not advisable, IMF warns nations

“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector.

“Many have found a way, however, to lawfully bypass these restrictions and continue the business, effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”

Cryptocurrency traders now use peer-to-peer to mitigate the crypto restriction, as the CBN, under Godwin Emefiele, had sanctioned FCMB, Wema Bank, Fidelity Bank with a monetary fine of N514.28 million to reflect its seriousness against the crypto.

The post New report says Twitter, cryptocurrency ban crippled Nigeria’s foreign direct investment appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


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47 CommentsDrop a Comment
  1. Dylan Rooney

    - May 25, 2022 at 12:03 am

    View

    Reply
  2. Nicolas

    - May 14, 2022 at 9:41 am

    Noted ooo

    Reply
  3. Sammy550

    - May 14, 2022 at 8:26 am

    Alright

    Reply
  4. Ricob23

    - May 12, 2022 at 5:36 pm

    That’s so true.

    Reply
  5. Ruthybliss

    - May 11, 2022 at 9:02 am

    Very true

    Reply
  6. afeezhamzat

    - May 11, 2022 at 7:23 am

    Yeah heard💯

    Reply
  7. Babatunde samson

    - May 11, 2022 at 7:16 am

    Ok

    Reply
  8. King Emmasco

    - May 10, 2022 at 10:27 pm

    Nawa for this country

    Reply
  9. Joseph Ade

    - May 10, 2022 at 7:31 pm

    Nigeria goverment why na

    Reply
  10. essentials

    - May 10, 2022 at 7:09 pm

    That’s wonderful

    Reply
  11. Bossman

    - May 10, 2022 at 7:08 pm

    Okay no problem.

    Reply
  12. Olagunju Funmilayo Grace

    - May 10, 2022 at 6:47 pm

    Ok

    Reply
  13. HOGARIZONA

    - May 10, 2022 at 5:29 pm

    Seen,but Agriculture ,Tourism and other sectors provides ample opportunities,it is just that Nigeria imitates a lot and never likes to venture into areas that gives them highest comparative advantage

    Reply
  14. Anaebo chinenye vivian

    - May 10, 2022 at 4:36 pm

    Ok

    Reply
  15. Adebayo26

    - May 10, 2022 at 3:50 pm

    Marvelous

    Reply
  16. Teedee

    - May 10, 2022 at 2:47 pm

    Interesting

    Reply
  17. Queendy3158

    - May 10, 2022 at 2:40 pm

    Interesting

    Reply

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