By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: SEC Says CBN’s Crypto Ban Disrupted The Market
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > SEC Says CBN’s Crypto Ban Disrupted The Market
News

SEC Says CBN’s Crypto Ban Disrupted The Market

Fesadeb
Last updated: 2021/04/18 at 11:39 AM
Fesadeb Published April 18, 2021
Share
SHARE

By Akanimo Sampson

Director-General of Nigeria’s Securities and Exchange Commission, Lamido Yuguda, has said the ban of cryptocurrency by the Central Bank of Nigeria disrupted the market significantly.

According to a report by The Guardian, the SEC chief made this assertion known during a press conference organised after the meeting of the Capital Market Committee on Thursday.

As previously reported by Cointelegraph, the Central Bank of Nigeria barred commercial banks from servicing crypto exchanges back in February.

According to Yuguda, the Commission has been forced to pause its planned cryptocurrency regulatory framework announced in September 2020.

The SEC director-general also maintained that the suspension of the Commission’s crypto regulatory plans will remain in place until exchanges can operate bank accounts in the country.

As part of his address, the SEC chief maintained that the Commission was working with the CBN to create an optimal regulatory regime for cryptocurrencies in the country.

According to Yuguda, the crypto ban aside, the SEC continues to make strides in supporting the growth of fintech in Nigeria.

Following the CBN crypto ban, cryptocurrency buying and selling is only possible via peer-to-peer channels leading to massive premiums on virtual currency prices.

In March, the central bank governor remarked that the CBN was not against crypto trading in the country but that such transactions cannot occur through commercial banks.

In a previous statement shared with Cointelegraph, crypto exchange platform Lumo reacted to the CBN ban stating that “blanket bans push people underground,” adding:

“Pushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban.

”Other companies have made the choice to find workarounds that are less visible for regulators – for example, Peer-2-Peer (P2P) trading. Our view is that P2P trading would go against the spirit of the CBN’s directive.”

Meanwhile, Nigeria’s Vice President, Yemi Osinbajo has previously called on regulators to adopt a nuanced approach to regulating crypto and blockchain.

According to the vice president, cryptocurrency will challenge traditional finance in the coming years.

You Might Also Like

Senator Akintunde Advocates Full Privatisation of Power Sector, Calls for Subsidy Reintroduction

Ohanaeze Youths Hail Launch of Enugu Air, Say Mbah Unlocking Economic Opportunities

Ogun Government to Launch Environmental Watchdog to Tackle Floods, Waste, and Infrastructure Abuse

Governor Lawal Distributes 59,205 Bags of Fertiliser to Boost Agriculture in Zamfara

How NASS, FRC Collaboration Boosted GOEs’ Surplus from N200bn to Over N2trn

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb April 18, 2021 April 18, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?