From Fred Itua, Abuja
The Senate has summoned the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and the Director-General of the Security and Exchange Commission (SEC), Lamido Yuguda, following the decision of the apex bank to stop financial institutions from transacting in cryptocurrency.
A joint Senate Committee on Banking, ICT and Capital Markets, is expected to grill the CBN boss and his counterpart in the SEC and revert within two weeks. The joint committee is expected to further interrogate why such a decision was hurriedly taken.
In a motion sponsored by Gyang Istifanus Dung, the Senate said the action and directive of the CBN have attracted sharp reactions from Nigerians and has become a topical subject of national discussion.
The Senate said cryptography as a method of encrypting and hiding codes, prevents oversight, accountability and regulation upon which the CBN says its use in Nigeria violates and contravenes existing law.