Tag: CBN Governor

  • Senate summons CBN Governor, DG SEC over cryptocurrency ban

    Senate summons CBN Governor, DG SEC over cryptocurrency ban

    The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country.

    The Senate also invited the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue.

    It explained that the information that would emanate 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.”

    This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop Financial Institutions from transacting in Crypto currencies and matters arising therefrom” at plenary.

    The motion was sponsored by Senator Istifanus Dung Gyang, (Plateau North) and Senator Adetokumbo Mukhail Abiru, (Lagos East).

    Senator Gyang who presented the motion urged his colleagues to note that the CBN has issued a directive stopping all financial institutions from transacting in cryptocurrencies.

    He said that the directive of the apex bank was a follow up to its earlier directives in January, 2017 and February 2018 which “forbade banks not to use, hold, trade and/or transact in cryptocurrencies.”

    He further informed the Senate that the decision of the CBN was said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the cryptocurrency regime which are “unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.”

    He observed that cryptography is a “method of encrypting and hiding codes that prevent oversight, accountability and regulation upon which the CBN says its use in Nigeria violates and contravenes existing law as only the CBN is authorized by law to issue legal tender.

    He added: “Concerned that Crypto currency by nature is anchored on anonymity, obscurity and concealment of its patrons and actors making it difficult, if not impossible, to trace, track and uncover those that may deploy it for ignoble and illegal usage such as money laundering, terrorism financing, drug purchase, cybercrime, etc.

    “Aware that the action and directive of the CBN has attracted sharp reactions from Nigerians and has become a topical subject of national discuss; and

    “Realized that Crypto currency is both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that Crypto currency offers and in the same vein, mitigate and prevent likely consequential effects on the nation’s economy and security.”

    Senators in their contribution supported the motion.

    Senators approved the only prayer of the motion when it was put to voice vote by Senate President Ahmad Lawan.

    The joint committee was given two weeks to report back to plenary by the Senate President.

  • CSO Empowers 100 Widows to Honor CBN Governor

    CSO Empowers 100 Widows to Honor CBN Governor

    …Commends Corporate Department for Excellent External Relations

    As part of activities marking the end of year, a Civil Society Organisation, Save Nigeria Movement has donated grinding machines to 25 widows as well as given cash donations to 100 widows as start up grants for dry season farming of vegetables.

    Presenting the donations in makurdi the Benue state capital, leader of the CSO, Bishop Abel King said the gesture was to mark the second anniversary as well honor the Central Bank of Nigeria (CBN) for it’s commitment to corporate responsibilities.

    He explained that the civil society was pleased with the excellent external relations the bank has promoted in recent times adding that such is what is expected of every public institution to promote public trust between citizens and government.

    “The deputy governor of corporate affairs department has dutifully implemented the apex bank’s corporate reforms in line with the mandate of the CBN governor.

    “This is the only time in the history of the country that the civil society has access to books and transactions going on in the CBN for public scrutiny. Nigerians couldn’t have asked for more accountability and transparency such as shown by the CBN corporate affairs department.

    “We are are reaching out to the widows as a mark of honor to further encourage and commit the CBN to do more, knowing that Nigerians appreciate their sacrifice at all times.

    “We are proud of the opportunity to share with the widows as a testimony to the good social works of the apex bank.

    “This gesture also symbolizes the CBN policy of empoweing the most common Nigerians as shown in the various interventions implemented by the bank particularly, the recent COVID-19 household facility as well the SMEs packages”, the CSO noted.

    It further said the civil society task force will continue to work with the corporate department and at the same time hold the bank to task on issues that will engender positive impact to ordinary Nigerians and boost the the economy in line with the CBN ultimate goal.

    Responding on behalf of the beneficiaries, Mrs Terna Atule said she was thankful to the organization and prayed for the CBN leadership to continue to inspire more of such activities so that more less privileged will benefit from it.