Reactions as the Nigerian senate kicks/opposes decision to ban crypto trading, summons CBN

Reactions as the Nigerian senate kicks/opposes decision to ban crypto trading, summons CBN

Senate – As expected by a number of aggrieved Nigerians who took turns to criticize latest move by the Central Bank of Nigeria to ban cryptocurrency trading via the deposit money banks platform.

It does not come without concerns as CBN on 5th February 2021 Issued circular to deposit money banks and financial institutions, with immediate order to block accounts associated with cryptocurrency trading of any form.

As well warns to desist from aiding cryptocurrency purchases and investment using the bank channels.

In view of these, members of the Nigerian Senate had oppose this decision forthwith, thereby summons CBN for hearing into the decision.

The Senate on Thursday resolved to invite the CBN and the SEC for a hearing where its committee on banking, Insurance, Capital Market, ICT and Cybercrime are expected to be in attendance.

The senate in its view said

“Senate resolves to Mandate the Committee 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.

While this trends, there was however reactions from the Senate members.

According to “Dung Gyang”, Senate member representing Plateau North Federal constituency spoke vehemently against CBN’s decision thus,

Read also: CBN did not actually ban cryptocurrency trading in Nigeria, see what happens

“Cryptocurrency by nature is anchored on anonymity, obscurity and concealment, making it difficult to trace, track and uncover those that may use it for illegal purposes like money laundering, drug pushing and terrorism financing and related cybercrimes,

He however noted that cryptocurrency represents opportunity and threat, thus the Senate has a responsibility to ensure that the citizens and the nation do not miss out on the opportunity it presents.”

Similarly Mukhail Adetokunbo Abiru, representing Lagos-East federal constituency in his argument for crypto said;

“Even our Security and Exchange Commission also recognized cryptocurrency as a financial asset they need to regulate.

“What we should do is to invite the major stakeholders to a public hearing.

“Now, I am particular that we must also mention that last year, during the EndSARS protest, the youths resort to cryptocurrency, in reality, banning cryptocurrency doesn’t take away its challenges.”

Senator Solomon Adeola reacting to it said:

“I am strongly against the outright ban of this medium of exchange by the Central Bank of Nigeria. What the CBN should be telling Nigerians are the regulations put in place to regulate the activities of the operators.”


While Nigerians express concerns and dissatisfaction with the move, it’s however left in the balance until after the public hearing to ascertain if the ban will stand or be lifted.

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