CBN cryptocurrency ban: Senate summons CBN governor, Godwin Emefiele

The Nigerian Senate has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the recent ban on cryptocurrency.

According to the apex bank, cryptocurrency is used for money laundering and terrorism.

The CBN) had last week sent out a directive shutting down cryptocurrency exchange bank accounts, a move that led to widespread criticism on social media.

In a statement on Sunday, February 7, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.

Reacting to the ban, the Nigerian Senate has now invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the move.

The decision of the Senate to invite the CBN governor is sequel to a motion by Senator Istifanus Gyang during plenary on Thursday, February 11, on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies and matters arising from them.

In their contributions; Federal lawmakers called for caution pointing out that while cryptocurrency has its negative sides, it has become the fastest-growing form of transactions all over the world

They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. What has required some of them to say, is regulation.