The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele and the Director-General of the Security and Exchange Commission, Lamido Yuguda over the CBN’s order restraining banks and financial institutions in the country from transacting in cryptocurrencies.
The Senate’s committees on Banking, Insurance, and other financial institutions, Capital Market, and that of ICT and cybercrime will have discussions with the heads of the country’s financial institution regulators to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy.
The decision by the senators followed a motion by Senator Istifanus Gyang and Tokunbo Abiru, titled, “CBN de
cision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.”
The joint committees will submit their report for the Senate’s consideration in plenary within two weeks.
Gyang said: “Cryptocurrency is both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that Cryptocurrency offers.
“In the same vein, the Senate intervention could mitigate and prevent likely consequential effects on the nation’s economy and security.”
By Abel Ejikeme