Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban
The Nigerian Senate wants Central Bank Governor Godwin Emefiele and chief securities regulator Lamido Yuguda to testify about cryptocurrencies.
The "Naira 4 Dollar Scheme" is a bid to funnel remittances through official channels. Meanwhile, peer-to-peer bitcoin remains popular.
These scams are raking in tens of thousands of dollars in crypto a month, blockchain analytics firm Whitestream determined.
Deputy Governor Adamu Lamtek said the CBN is not discouraging people from trading in cryptocurrency.
The premium rose after the Central Bank of Nigeria reminded banks they could not provide crypto exchanges with financial services.
The Nigerian cryptocurrency community has been turning to peer-to-peer exchange platforms to continue trading.
Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.