Senate summons CBN Gov, DG SEC over cryptocurrency ban


The Senate has summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, and Director General of the Security and Exchange Commission, Lamido Yuguda, over the CBN directive stopping all financial institutions in the country from transacting in cryptocurrencies.

Following a motion moved by Istifanus Gyang and Tokunbo Abiru, during plenary on Thursday, 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.

Leading the debate on the issue, Gyang noted that the action and directive of the CBN had attracted sharp reactions from Nigerians and had become a topical subject of national discussion.

“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,” Gyang said.

The Senate President, Ahmad Lawan, thereafter asked the joint committees submit their report for the consideration of the Senate in plenary within two weeks.



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