The All Progressives Congress (APC), the party of Nigerian presidential candidate Asiwaju Bola Tinubu, revealed in its newly released manifesto that it intends to set up an advisory committee to examine the current legal environment regulating blockchain technology and virtual asset services.
An excerpt from the APC manifesto states, “We will reform government policy to encourage the prudent use of blockchain technology in finance and banking, identity management, revenue collection, and the use of crypto assets.”
The APC, which is also the party of the current president of Nigeria, Muhammadu Buhari, stated that the committee will make modifications as needed to create a regulatory framework that is more effective and business-friendly.
The 80-page APC manifesto states that the Tinubu government actually aims to change Nigeria’s approach to information technology.
The Nigerian Government and the Central Bank of Nigeria (CBN) have implemented policies that discourage the usage of digital assets throughout the tenure of outgoing President Buhari.
Additionally, it’s believed that several firms were compelled to cease operations in Nigeria as a result of the CBN’s 2021 directive against crypto assets and the ensuing crackdown against entities disobeying the order.
However, according to the APC manifesto, the Tinubu Government will prioritize putting in place a regulatory framework that is business-friendly. In addition, the manifesto states that an APC Government will also encourage the CBN to expand the use of our digital currency, the e-naira.
Meanwhile, concerning the local currency’s exchange rate, the APC acknowledges that this may be the most evocative monetary issue of the day. The party argues, however, that since it influences the costs of imports, the competitiveness of exports, and net capital flows, management cannot be ignored nor left to the vagaries of an unrestrained market.
Even though it occurred on a parallel market, the collapse of the naira against the dollar has contributed to driving up inflation in Nigeria.
The fundamental reason for the naira’s ongoing devaluation is frequently attributed to Nigeria’s failure to produce enough foreign currency to cover its import bill. Nevertheless, the CBN continues to maintain the naira’s official peg at just under N450:$1 despite the currency’s decline in value versus the US dollar to just under N750;$1.
However, in its manifesto, the APC suggested it would take a different approach towards managing the exchange.
The APC said, “To ensure that exchange rate policy harmonizes with our goals of optimal growth and job creation driven by industrial, agricultural, and infrastructural expansion, we will work with the Central Bank and the financial sector to carefully review and better optimize the exchange rate regime.”