THE EFFECT OF CBN CRYPTOCURRENCY BAN ON THE ECONOMY OF NIGERIA
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- NGN 3000
ABSTRACT
This study was carried out to examine the effect of CBN cryptocurrency ban on the economy of Nigeria. To achieve this 4 research questions were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. In determining the sample size, the researcher purposively selected 104 respondents while 100 respondents were validated. Respondents for the study were obtained from the staffs of four selected banks in Abuja, FCT of Nigeria. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that; cryptocurrency has contributed immensely to the growth of Nigeria economy and its impacts are remarkable. among the impacts include; enhanced investment flows, created employment opportunities, encouraged the establishment and growth of financial businesses/companies and also reduced poverty, the ban of cryptocurrency transactions in Nigeria has notable implications and effect on the economy of the country which comprises of unstable investment flows, shadow economy, capital flight and poverty and unemployment, the consequences suffered by the Nigerian masses as a result of the ban on cryptocurrencies among many others include; financial hardship, business bankruptcy and loss of potential employment opportunity. And the extent to which the ban of Crypto transactions affect the Nigeria economy is high. Based on the findings, the researcher recommended that having known the huge economic impact made by the availability and trade of cryptocurrencies in Nigeria and the world at large, it seems not right to impose a ban on it due to the economic implications. Therefore, the CBN should lift the ban and build a strict regulations on the use and trading of Cryptos in Nigeria, by this means, many Nigerian investors both the huge and small will bounce back to their financial position and so many others who has been jobless will successfully secure a source of income. This will in turn reduce the pressure of Unemployment in Nigeria.
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