Following the recent ban on Cryptocurrency by the Central
Bank of Nigeria, CBN, the Senate on Thursday mandated its Committees on
Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and
Capital Market to invite the CBN Governor, Godwin Emefiele to clarify
controversies surrounding the ban.
Also to appear before the Committee is the Director-General
of the Securities and Exchange Commission (SEC), Lamido Yuguda.
The red chamber made the resolution following a motion
titled: “CBN’s decision to stop Financial Institutions from transacting in
Cryptocurrencies and matters arising therefrom”, as sponsored by Senator
Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru,
(Lagos East).
The Senate expressed optimism that the information that
would be extracted from the briefings from the two regulatory bodies would
assist the Senate to “determine the opportunities and threats of the
cryptocurrency on the nation’s economy and security.”
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