The Nigerian 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 (CBN) Governor, Godwin Emefiele.
This follows the recent ban on cryptocurrency the CBN.
The Senate wants Emefiele to clarify controversies surrounding the ban.
Also to appear before the Committee is Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC).
The Red 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 Senate expressed optimism that the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.”