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Senate summons Emefiele over ban on Cryptocurrency operations

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The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Central Bank of Nigeria, Governor, Godwin Emefiele to clarify controversies surrounding the cryptocurrency operations..

The Senate also invited the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda to appear before it.

The upper legislative chamber made the resolution following a motion titled: “CBN’s decision to stop Financial Institutions from transacting in Cryptocurrencies and matters arising therefrom”, as sponsored by Senator Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru, (Lagos East).

The Senae believe that information 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.”