Senate to summon Emefiele over ban on crypto currencies

The senate has mandated its committees on banking, insurance and other financial institutions, to invite the governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country.

The senate also invited the director general of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue.

It explained that the information that would emanate from the briefings from the two regulatory bodies would assist the senate to determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.

This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop financial institutions from transacting in crypto currencies and matters arising therefrom” at plenary.

The motion was sponsored by senator Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru, (Lagos East).

The directive of the CBN has attracted sharp reactions from Nigerians and has become a topical subject of national discuss