Categories: BusinessLatest

Nigeria Senate Summons CBN Governor, DG SEC Over Cryptocurrency Restrictions

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

Follow us on:

Abel Ejikeme

Recent Posts

Matt Gaetz To Exit Congress Following Withdrawal As DOJ Nominee Amid Controversy

Matt Gaetz has said he will not return to Congress after withdrawing as Trump’s DOJ…

8 mins ago

Tinubu Seeks Senate Approval For Oluyede As Chief Of Army Staff

President Tinubu has sought Senate confirmation of Olufemi Oluyede as Chief of Army Staff, citing…

18 mins ago

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

3 hours ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

3 hours ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

4 hours ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

4 hours ago