By Williams Anuku, Abuja
There are strong indications that the recent ban on cryptocurrency operations by the Central Bank of Nigeria may have been done to cripple alleged illicit financing of terrorist activities in the country.
The African Centre for Justice and Human Rights (ACJHR) gave a clue to this on Sunday, when it released a statement describing the ban on crypto as dealing a fatal blow on terrorist financing, money laundering and illicit transactions.
A copy of the statement made available to Elendu Reports had the Civil Society Organisation expressing delight at the recent policy introduced by the nation’s apex bank, that gave specific instructions to Deposit Money Banks, Non-Financial Institutions, and other financial institutions not to do business in crypto and other digital assets.
ACJHR said it viewed the policy as a bold and courageous decision at this time of the nation’s history as a welcomed development.
The Executive Director of ACJHR, Chinwendu Nduka Edede, in the statement, said that 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.
“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.
“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,” ACJHR said.
The Centre said that 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,” the Centre said.
