SENATE TO SUMMON CBN GOVERNOR OVER CRYPTO CURRENCY TRADING

The Nigerian Senate, Thursday has resolved to summon the Central Bank’s Governor, Mr. Godwin Emefiele to appear before its joint committees on Banking, Insurance and Other Financial Institutions, ICT and Cyber crime and Capital Market for a proper briefing on the opportunities and threats of the Crypto Currency operation on the nation’s economy and security.

This was contained in a motion titled ‘CBN’s decision to stop Financial Institutions from transacting in Crypto currency and matters arising therefrom’sponsored by Senator Istifanus Dung Gyang, (Plateau North) and co-sponsored by Senator Mikhail Adetokumbo Abiru (Lagos East).

This came on the heels of the CBN’s ban on the operations and trading in Crypto currency in the country last Thursday.
The Senate noted that the decision of the CBN is predicated on the need to safeguard the Nigerian economy from adverse effects of the Crypto currency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography but could miss out of the opportunities it brings if not properly handled.

The motion pointed out that Crypto currency 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 it offers.

The Senate therefore resolved that Mr Emefiele appeared before the joint committees to properly brief the Senate and report back within two weeks.
You may recall that the Central Bank of Nigeria has issued directives in January 2017, February, 2018 and recently also forbidding Banks not to use, hold trade or transact in Crypto currency.