Effects And Implications Of Crypto Currency Ban On Nigerian Economy
Eunice Chidimma Okpalaojiego
Department of Economics, Institute of Ecumenical Education, Thinkers Corner Enugu
Keywords: Crypto currency, Central bank, Effects, Nigerian economy, Implications
Abstract
The topic of this study is the effects and implication of crypto currency ban in Nigerian economy. The purpose of this study was to find out the opinions of Nigerians and crypto currency traders on the effects and implications of crypto currency ban in Nigerian economy. The researcher adopted Survey research design and used random sample technique. The sample of the study was 400 drawn from a population of 4000 comprising of crypto traders, bankers, bank customers university staff, students and public. The data was collected using structured questionnaires and were analyzed using mean score average. The researcher discovered among other things that the sudden ban of crypto currency trading and transactions has deeply shaken the crypto market in Nigeria, caused emotional shock and trauma to crypto traders and prevent traders from buying crypto currencies with their credit or debit cards issued by Nigeria banks. The implications of these include among other things that the ban may make it difficult for people to own crypto currencies since they cannot buy or sell crypto’s. It may lead to continuous depreciation in the value of Naira and loss of money by Nigerians and end up causing serious unemployment, impoverishment and hunger to teaming unemployed youths who trade on crypto currency as a means of livelihood. The researcher therefore recommends among other things that urgent interventions are highly needed from government, security and exchange commission and other stakeholders to deliberate on the potential far-reaching effects of central bank of Nigeria’s stance on crypto currency. Federal government through the central bank of Nigeria can regulate the crypto industry by taxing funds generated either through withdrawal deposits or through profits of exchangers and making sure that investors register with their BVN and National identity numbers. These will make it possible to apprehend any fraudster or culprit. Finally, Nigeria could leverage on crypto trading for economic growth and development through revenue generation