Senate summons Emefiele, Lamido over cryptocurrency ban

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The governor of the Central Bank of Nigeria, Godwin Emefiele, and Director General of the Security and Exchange Commission, Lamido Yuguda, have been summoned by the Senate on Thursday over the decision of the CBN to ban the use of cryptocurrency in the country.

This was arrived at following the bill by Senator Istifanus Gyang and Tokunbo Abiru, titled, “CBN decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.”

The Senate asked its committees on Banking, Insurance, and other financial institutions, Capital Market, and that of ICT and cybercrime to summon Emefiele and Yuguda.

The CBN governor and DG SEC are expected to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy.

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