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IMF Supports CBN Decision on Cryptocurrency

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First with the News

IMF Supports CBN’s Decision on Cryptocurrency

• Harps on forex rates unification, economic diversification.

February 17, 2021
in Economy, Top Stories
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IMF Supports CBN Decision on Cryptocurrency

IMF Resident Representative for Nigeria, Mr Ari Aisen.

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The directive of the Central Bank of Nigeria (CBN) ordering banks to desist from transacting in/and with entities dealing in cryptocurrencies has enjoyed the support of the International Monetary Fund (IMF).

The IMF Resident Representative for Nigeria, Mr Ari Aisen, during a special virtual press briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria, said that the use of cryptocurrencies for illegal transactions such as money laundering and drugs was a global concern.

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According to him, many central banks in the world, have taken similar policy decisions such as taken by the CBN.

Speaking on Nigeria’s debt ration, the Resident Rep said it has not reached a level of overt concern, but added, it was important to ensure that debt/GDP was not allowed to reach a level that would make it unsustainable.

READ ALSO: Nigeria: NCDMB Lauds President Tinubu Oil Sector’s Executive Orders For Reinforcing NOGICD Act, SLA

He added that it was important to manage borrowed funds properly for the economic benefits of the nation. Mr Aisen added, “What is most important to be monitored is the ratio of debt service to revenue, noting that the nation’s revenue profile was very low and therefore not enough to meet budgetary expenditure provisions.

“If there is one policy that has to be a top policy priority it is how to raise revenue,” the Rep admonished. Not time to raise tax rate He said, however, “this is not the right time to raise tax rate,” as according to him, the government should rather strengthen its tax administration by expanding the tax base and block leakages.

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Uganda: Museveni Aims To Boost Export With Unveiling Of $250m Gold Mine

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