Following the array of reactions that trailed the directive of the Central Bank of Nigeria (CBN), stopping all financial institutions from transacting in Crypto currencies.
The Senate has resolved to invite the CBN Governor, Godwin Emefiele, and the Securities Exchange Commission (SEC) to justify its decision.
In a statement signed by the Special Assistant (Press) to the President of the Senate, Ezrel Tabiowo, the motion to summon CBN and SEC was moved by Senator Istifanus Dung Gyang (PDP) of Plateau North.
The Senator drew the attention of the Upper Chamber to the recent directive by the Central Bank of Nigeria.
According to the Senator, “the decision of the CBN is said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the Crypto currency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.”
A co-sponsor of the motion, Senator Adetokunbo Abiru argued side-by-side, he noted that cryptocurrency has its economic benefits which the apex cannot overlook.
He said: “In Nigeria in particular, it is also important to underscore the fact that in the last five years, we have had people trading in cryptocurrency to the tune of over $500 million dollars, that’s to tell you how it is gradually gaining traction.
“Last year in particular, we had over $140 million dollars invested in cryptocurrency. Just like my colleague rightly said, there are challenges that cryptocurrency has also brought to the fore.”
Speaking on the disadvantage of the currency, Abiru noted that the currency has been attributed to crimes such as cybercrimes, terrorism and many more.
He said: “Clearly, what it is telling us is that, it is good to ban because of the challenges it has also presented. But, honestly, the reality is that banning it doesn’t take it away.”
After considering the motion, the house “mandated the Committees on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market to invite the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to brief the Committees on the opportunities and threats of the Cryptocurrency on the nation’s economy and security and to report back findings within two weeks.”
