THE EFFECT OF CBN CRYPTOCURRENCY BAN ON THE ECONOMY OF NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- 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.
Related Project Materials
STRESS MANAGEMENT IN THE LEADERSHIP OF METHODIST CHURCH NIGERIA- PERSPECTIVES FROM EXODUS 18-13-27
Background to the Study
The accounts of creation reveal God’s view on stress management, in that He worked for six...
EFFECT OF VERTICAL RECTANGULAR OPENINGS ON THE FLEXURAL STRENGTH OF REINFORCED CONCRETE BEAM
ABSTRACT
Effect of vertical rectangular openings on the flexural strength of reinforced concrete beam is presented. Twelve reinforced con...
THE EFFECT OF MOTHER TONGUE ON ENGLISH LANGUAGE
Abstract
This study investigates the effect of mother tongue on English language in some selected secondary sc...
INFLUENCE OF MASS MEDIA AWARENESS ON PROMOTION OF FAMILY PLANNING PRACTICES
BACKGROUND OF THE STUDY
With a growing population tipping towards 200 million people in 2015, experts a...
MANAGEMENT AND USE OF LEGAL DEPOSIT MATERIALS BY LIBRARIES FOR EFFECTIVE USER SUPPORT IN THE NATIONAL LIBRARY OF NIGERIA
Background Of The Study
Different libraries exist for different purposes. These purposes include function, type of users...
THE IMPACT OF SOCIAL MEDIA POLICIES ON CORPORATE IMAGE
Abstract: THE IMPACT OF SOCIAL MEDIA POLICIES ON CORPORATE IMAGE
This study aims to ev...
A CRITIQUE OF THE ROLE OF THE UNITED NATIONS SECURITY COUNCIL IN PROMOTING PEACE AND SECURITY UNDER INTERNATIONAL LAW
ABSTRACT
The international community saw the need for unity, peace, cooperation, and a state of security. This task was given the UNSC. B...
INVESTIGATING INNOVATIONS IN CAREER DEVELOPMENT PROGRAMS FOR VOCATIONAL STUDENTS
ABSTRACT: Innovations in Career Development Programs for Vocational Students examines novel approaches to enhance career readiness and employabilit...
LIBRARY SERVICES IN A LINGUISTICALLY DIVERSE COMMUNITY
ABSTRACT
This research work covers the impact of library services in a linguistically diverse community...
DEVELOPING AQUACULTURE IN DEGRADED INLAND AREAS IN NIGERIA
BACKGROUND TO THE STUDY
Nigeria, the country of many rivers, is also rich in lakes, reservoirs and wet...
