The upper chamber of the National Assembly [Senate] has ordered its committees on Banking, Insurance and other Financial Institution, ICT and Cyber crimes, and Capital Market to invite the governor, Central Bank of Nigeria (CBN), Godwin Emefiele and the Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, for briefing on the ban of crypto transactions.

This was disclosed by the Senate via its Twitter handle, following their regular plenary session.

According to the National Assembly, the Committees are expected to expose Emefiele on the opportunities and threats of Cryptocurrency on the Nigerian economy and give feedback in two weeks.

It tweeted, ” Senate resolves to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on…

“…the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks.”

On February 5, 2021, the Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital asset.

In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

The Apex bank further warned the Nigerian Financial Stakeholders that any breach of this directive will attract serious regulatory sanctions.

Ifesinachi Nnabugwu reporting, Obinwannem News