Following the recent ban on Cryptocurrency by the Central Bank of Nigeria, CBN, the Senate on Thursday mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the CBN Governor, Godwin Emefiele to clarify controversies surrounding the ban.

This was disclosed by the Senate via its Twitter handle after Thursday’s plenary session.

Also to appear before the Committee is the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda.

According to the National Assembly, the Committees are expected to drill Emefiele on the opportunities and threats of the Crypto currency on Nigerian economy and give feedback in two weeks.

”Senate resolves to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on…

“…the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks”, the tweet reads.

"What we can do is ensure bad people must not use it. This motion is most important to us. The time has come for us to harmonize all the issues concerning cryptocurrency.” – Senator Biodun Olujimi

— The Nigerian Senate (@NGRSenate) February 11, 2021