Vice President Yemi Osinbajo has told the Central Bank of Nigeria that cryptocurrencies should be regulated and not prohibited.

The CBN had, a few weeks ago, ordered all deposit money banks, non-banking institutions, and other financial institutions against enabling cryptocurrency tradings.

The apex bank ordered the institutions to close the accounts of customers with cryptocurrency transactions immediately, adding that a breach of the directive will attract severe regulatory sanctions.
According to the CBN Governor, Godwin Emefiele, who shed more light on the decision, it was taken in the best interest of Nigerians.

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He said this while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market.

However, Osinbajo, who spoke on Friday at the Bankers Committee Vanguard in Lagos, said that fear should not be applied in terms of cryptocurrencies.
The Vice President advised the monetary authorities to provide a “robust regulatory regime” that will address the concerns about cryptocurrencies.

“The point I’m making is that some of the exciting developments we see call for prudent and care in adopting them, and this has been very well articulated by our regulatory authorities,” he said.
“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and prevent any of the adverse side effects or any of the possible criminal acts that may arise as the consequence of our adopting or taking any of these options.
Expressing optimism about cryptocurrencies, Osinbajo said in the coming years it “will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine.”

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Nigerian President Muhammadu Buhari’s government has approved the creation of a company to fast-track development of critical infrastructure, with around $2.6 billion in initial financing.
Africa’s most populous country slipped into recession in its third-quarter for the second time in four years, hit by the coronavirus pandemic and a fall in oil prices, and faces a huge infrastructure deficit.

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“It is envisaged that, over time, the entity will grow to naira 15 trillion ($39.3 billion), in assets and capital,” a spokesman for Vice President Yemi Osinbajo said in a statement on Friday.
The company, Infra-Co, will be one of the top infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development, the statement said.
Infra-Co will operate as a public-private partnership and will be initially funded by the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority and the Africa Finance Corporation.
It will focus on developing public assets and reconstruction as well as new roads, rail, power and other key infrastructure sector projects.
The IMF expects Nigeria’s economy to contract by at least 3 percent this year, a situation many fear will further deepen the country’s infrastructure crisis and worsen an economy already struggling with the impact of the pandemic.
Nigeria’s senate last year approved nearly $23 billion (18.9 billion euros) in foreign loan requests by Buhari to support a series of large-scale projects, which the government hopes will revamp the country’s crumbling infrastructure.
Buhari early this week also launched a $1.96 billion rail project linking to neighbouring Niger as the country looks to boost its growth.

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The House of Representatives has reiterated its resolve to improve ease of doing business in the country
Speaker of the House, Femi Gbajabiamila, in a resumption address for the 2021 legislative session assured that the lower legislative chamber will deliberate on bills and motions aimed at unlocking economic potential in the country.

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This, he said, will be achieved by stripping away restrictive regulation and ending predatory regulatory practices that deprive young people the opportunity to conquer new frontiers.

He assured that the House will leave no stone unturned to ensure that Nigerians live in a just society free from abuse of power and protected by a justice system built on fairness and the rule of law.

He also disclosed that the House will begin consideration of bills to amend the Administration of Criminal Justice Act as well as the review of the Trafficking In Persons, Prohibition, Enforcement And Administration Act and other legislation that seek to deliver a justice system that works for all.

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