Cryptocurrency Ban: Ex-Presidential Aspirant Mocks CBN

Former Nigeria Presidential aspirant, Adamu Garba, has called on Nigerians to invest in real assets such as cows, adding that the business assures huge returns on investment.

Garba said this to mock the recent directive of the Central Bank of Nigeria (CBN) given to local banks to shut down cryptocurrency accounts in Nigeria.

Without telling Nigerians how he came about the proposition, the presidential aspirant said, “Cow Ranching business is more lucrative than all cryptocurrencies combined.”

According to a report on bitcoin.com, published on January 14, 2021, Nigeria is one of the biggest cryptocurrency markets in the world. The country is recently ranked to have the highest number of bitcoin searches globally, the report said.

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On the contrary, in a report published on Business Day, “Nigeria with an estimated 20 million heads of cattle occupies the 14th position in the world compared to Brazil, India and China with 212 million, 189million  and 114 million heads of cattle, respectively being the top three nations with the highest heads of cattle.”

However, Garba in another tweet argued that “CBN didn’t prohibit crypto in Nigeria, they simply asked Nigerian financial institutions not to take part pending regulation. You know the issue with dolarizaton of Nigerian financial space, crypto activities on Nigerian banks helps to further create scarcity of forex.”

See his tweets below: