Nigerian Senate Summons CBN, Demands Reason For Crypto Ban
-The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele
-The Senate wants the apex bank of Nigeria to give reasons for the ban on Cryptocurrency
-This summon follows the CBN’s decision to place a ban on all forms of Cryptocurrency transactions among financial institutions
The Nigerian senate summoned the Governor of CBN, Godwin Emefiele, and Director-General of the Security and Exchange Commission, Lamido Yuguda.
The Senate wants them to explain the reason for the ban on Cryptocurrency.
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According to the CBN, the ban on cryptocurrency was required to safeguard the economy of the country.
Sponsor of the motion, Dung Gyang explained that cryptocurrency has benefits and disadvantages and it is important that citizens do not miss out on the opportunity it offers.
Another Senator, Bassey Akpan suggested that rather than the CBN banning cryptocurrency, they should help Nigerians adapt to it.
The CBN-issued ban on cryptocurrency was imposed 5 February and it has made crypto transactions less convenient for Nigerians.
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