Since Cryptocurrency was banned by the Central Bank of Nigeria, CBN, the Senate just mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor, Godwin Emefiele. The summon includes clarification of controversies surrounding the ban of bank accounts linked to bitcoin.
The committee also requested the presence of the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda.
The senate made this resolution following a motion titled; CBN’s decision to stop Financial Institutions from transacting in Cryptocurrencies and matters arising therefrom
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.