Senate Invites CBN Governor, DG SEC to Explain Reasons for Ban on Cryptocurrency

The Senate on Thursday, invited the Governor of Central Bank of Nigeria, Godwin Emefiele, and Director General of the Security and Exchange Commission, Lamido Yuguda, over the decision of the CBN to ban the use of cryptocurrency in the country.

The decision was taken following a motion by Senator Istifanus Gyang and Tokunbo Abiru, titled, “CBN decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.”

The Senate asked its committees on Banking, Insurance, and other financial institutions, Capital Market, and that of ICT and cybercrime to summon Emefiele and Yuguda.

The CBN governor and DG SEC are expected to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy.

The Senate President, Ahmad Lawan, asked the joint committees to listen to Emefiele and Yuguda, and submit their report for the consideration of the Senate in plenary within two weeks.

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