Senate summons CBN, SEC, over ban on Cryptocurrency transactions in Nigeria

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and Director General of the Security and Exchange Commission (SEC), Lamido Yuguda, was today, Thursday February 11, summoned by the Senate, over the decision of the CBN to ban the use of cryptocurrency in the country. The Senate wants them to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy.

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 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.

Read more details at Punch

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