The Senate on Thursday summoned 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 restrict 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. Leading the debate on the issue, Gyang noted that the CBN issued a directive stopping all financial institutions from transacting in cryptocurrencies. He said the CBN decision was a follow up to its earlier directives in January 2017 and February 2018 which forbade banks not to use, hold, trade and /or transact in cryptocurrencies.
Punch