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Cryptocurrency shutdown: We Need To Open Up Our Economy, Not Close It – Atiku

Former Vice President, Atiku Abubakar, has faulted the decision of the Central Bank of Nigeria to shutdown cryptocurrency operations.

Mr Atiku noted that with Nigeria’s economic crisis, the country needs all the help it can get to get out of its present economic quagmire.

The former presidential candidate said this in a statement titled, ‘We Need To Open Up Our Economy, Not Close It’, which he signed and made available to newsmen in Abuja, on Saturday.

His statement reads in part: “The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.
“There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.
“We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much,” Atiku said.

 

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History of Exchange Rate in Nigeria From 1972 To 2023

Nigerian exchange rate policy has been changing since the introduction of the Naira as the official Nigerian currency. For instance, the U.S. Dollar to Naira exchange rate was N0.658 in 1972. Timeline of Dollar to Naira Exchange Rate from 1972 to 2023 Kindly note that the US to Naira black market exchange rate is completely different from the rate. In this post, we rely on the official rate (CBN rate) which has now metamorphosed into Importers’ and Exporters’ Window, following the FX unification. For simplicity, InfomediaNG divided the year under review into four as follows: 1. 1972 to 1983 2. 1984 to 1998 3. 1999 to 2015 and 4. 2015 to 2023 So, let’s get started! Dollar to Naira exchange rate between 1972 to 1983 From below you can see that one US dollar was N0.658 in Nigeria in 1972, that’s two years after the end of the Civil War. 1972: $1 = N0.658 1973: $1 = N0.658 1974: $1 = N0.63 1975: $1 = N0.616 1976: $1 = N0.62 1977: $1 = N0.647 1978: $1 = N0.606 ...