Adamu Garba, former Presidential candidate of the All Progressives Congress (APC), has advised Nigerians to forget about investing in cryptocurrencies but rather direct their resources to investing in cows.
The unrelenting controversial politician said this on Friday in reaction to order from the Central Bank of Nigeria that all cryptocurrency accounts be shut down.
The CBN directed all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and NonBank Financial Institutions (NBFIs) to stop any cryptocurrency transactions.
Adamu Garba in a series of tweets from his confirmed Twitter account threw his weight behind the decision by the CBN and advised Nigerians to direct their attention and resources to investment in cows.
He added that the move by the apex bank would also limit chances of fraudsters swindling unsuspecting investors. His opinion is currently trending number 1 on Twitter.
According to him,
“Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment. Cow Ranching business is more lucrative than all cryptocurrencies combined. Lol.
“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, hurting legitimate businesses involving labor practices in favor of people on their screens.
“Another issue is the middlemen claiming to be in crypto trading, using these channels to defraud unsuspecting Nigerian citizens.
“Everyone can do trade on crypto but not through Nigerian financial system. This i believe is a sound policy that need to be supported.
“Calm down Nigerians, not every Govt policy is bad.
“No one can be able to regulate any solution running on Blockchain technology, not crypto.
“The only issue is unregulated behavior of the middlemen acting as brokers capable of defrauding unsuspecting citizens. Calm down!!”
Garba also clarified that individuals can trade in cryptocurrencies but financial institutions cannot. He advised those bent on trading to go do so in Ghana:
Adamu Garba II@adamugarba· “I was thinking it was only in a beer parlor that everything can be discussed, but some Twitter goons argue much worst. CBN doesn’t ban you from trading in Crypto but they banned Financial Institutions from participating in the trade. How is that difficult? Go to Ghana & do it.”
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