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.

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

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 information that would be extracted from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.”