The Nigerian Senate on Thursday has summoned the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emeifele, and the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to brief the house on the opportunities and threats of the cryptocurrency on the nation’s economy and security. This summon is coming after the CBN sent a circular to all banks banning dealings of cryptocurrency; as they stated it’s a threat to Nigeria’s Sovereignty as its will serve as a means of funding terrorism and money laundry.
The Joint Committee on Banking, Insurance and other Financial Institutions, ICT and Cyber Crime and Capital Market two weeks to interface with the CBN Governor and SEC DG and report back to plenary to give full report as the senate would weight the chances by conducting a SWOT analysis on the crypto currency ban in Nigeria..
The red chamber’s resolution was sequel to the adoption of a motion entitled “CBN’s decision to stop financial institutions from transacting in Crypto currencies and Matters arising therefrom”, jointly sponsored by Senators Dung Gyang and Adetokunbo Abiru.
