The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market.
They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja on Sunday.
Mr. Timi Agama, Head of Department, Registration, Exchanges, Market Infrastructure and Innovation Department of SEC, described the cryptocurrency market as an air that could currently not be caged or regulated.
He noted that cryptocurrency was a market of about two trillion dollars which could not be ignored.
According to him, the world cannot be moving forward and we will be static.
Agama said that although the SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency was a market to look into.
“There is a lot of investment moving into the cryptocurrency market, and the tendency is that it will reduce the amount of investments in the stock market.
“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally, and the entire world is grappling with in terms of cryptocurrency and digital assets.
“For us at the SEC and capital market, it is something to look at, the world cannot be moving forward, and we will be static, no.
“It is important for us to review, understand, appreciate and introduce regulations that will guide the movement of the market in this direction.
“A market that has an opportunity for ICOs, derivatives, is not a market we can ignore.
“ It is our desire that we do more work, collaborate as regulators and analyse to make sure that we provide a level playing field where Nigerians, international investors and whoever is interested in this space will be comfortable and happy.
“I hope that in doing that, we are going to be able to drive foreign portfolio investment, Foreign Direct Investment (FDI) into this country and build our capital market,’’ he said.
Recall that CBN had earlier this month ordered banks and financial institutions in Nigeria to close the accounts of cryptocurrency traders.
CBN, in its circular signed by Director of Banking Supervision, Bello Hassan, directed financial institutions to halt any transactions in crypto or to facilitate payments for crypto exchanges.
Senate confirms Abdulrasheed Bawa as EFCC chairman
The 40-year-old Certified Anti-Money Laundering Specialist was screened by the lawmakers at the Upper Chamber of the National Assembly today February 24.
Last week, President Buhari nominated Bawa and asked the Senate to confirm him as the substantive Chairman of the Commission.
He assumes office as the first core EFCC official and non-police officer to head the agency.
Bawa also became the youngest person ever to serve as chairman of the anti-corruption agency.
10 dead, 47 injured in fresh Boko Haram attack on Maiduguri
Ten persons have been confirmed dead and 47 others injured in the fresh attack carried out by Boko Haram members in Maiduguri, the Borno state capital on Tuesday night, February 23.
The insurgents stormed the city launching 10 rockets. Among the dead were nine boys playing football at Gwange, when rockets landed in the area.
The state governor, Babagana Zulum, last night visited the hospital where the dead and the injured were evacuated shortly after the incident occurred. He was told that 10 people were killed in the explosions that rocked the city and 47 others injured.
”It slipped out of my mouth”- Apostle Suleman reacts to viral video of him praying COVID19 shouldn’t end
In a video that went viral last week, Suleman while preaching at a church program, said
“In COVID (pandemic) I bought a jet; the third one. I have three. I was praying for COVID-19 not to end because I was resting. While people were complaining. my wife asked, ‘Can life be this sweet?’ Am I talking to somebody here?”
His statement drew criticisms from Nigerians who condemned him for being excited about the pandemic that has crippled the economic lives of many including the people who attend his church.
Reacting to the criticism, the clergyman while preaching in his church on Sunday, February 21, said the video of him making the statement was edited by a fellow pastor who is an enemy of his.
“There’s a video that is trending about me. It was posted by a pastor against me. It was a programme I had in Abuja and I was trying to explain something about COVID-19. When they told me that I prayed for COVID-19 not to end, I said ‘me? I didn’t say that.’
When they brought the video, I discovered it slipped out of my mouth. There’s no pastor that will pray for Covid not to end. It doesn’t make sense.
I was talking about what happens around Covid, how families were staying together, how families united, how some people even made money during that process. That was what I was trying to buttress and it slipped out of my mouth. I could not have prayed for Covid not to end, no pastor would do that. But he (the pastor) took that mistake, edited some part and blew it” he said
The clergyman added that those who are angry that he bought a third private jet will just die.
“If you are angry I mentioned three jets, you go just die. That’s the truth,” he said
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