Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says it is not in the purview of the apex bank to regulate or prosecute actors in the cryptocurrency sector.
The Central Bank of Nigeria, has obtained different divergences concerning cryptocurrency. Reports have it that In February 2021, CBN issued instructions to banks and other financial institutions to ban all accounts associated with cryptocurrency transactions, stating complaints about money laundering. With this movement lots of controversies led to different debates about the future of cryptocurrency in Nigeria.
The CBN’s decision steered an important agreement within Nigeria and internationally concerning the appropriate regulatory means to cryptocurrencies. Most persons argued that cryptocurrencies can provide many opportunities for financial innovation, while many others defended CBN’s concerns about the risks associated with cryptocurrencies establishment.
The CBN duty is responsible for making sure that there’s stability in the country’s financial system. This includes scheduling activities associated with cryptocurrencies. Moreover, it’s important to know that laws and policies concerning cryptocurrencies can change as time goes on.
In recent developments, Olayemi Cardoso, the governor of CBN, brought to our notice at a news conference hall on Tuesday after the dismissal of the monetary policy committee’s (MPC) 294th meeting held in Abuja.
The CBN governor says it is not in the purview of the apex bank to regulate or prosecute actors in the cryptocurrency sector.
On February 29, it was reported that Bayo Onanuga, special adviser to the president on information and strategy, called out cryptocurrency trading platforms accusing them of manipulating the numbers of Nigeria currency in the foreign exchange market.
Since then the federal government has launched a clampdown on Binance.
Now according to Olayemi Cardoso, the control of all cryptocurrency platforms in Nigeria is now the sole duty of the Securities and Exchange Commission (SEC) and not that of the CBN.
Olayemi Cadoso quotes,
“A month ago, we actually did have collaboration with law enforcement agencies, EFCC, the SEC and other regulatory bodies as well. And I think what came out of that, quite frankly, is work in progress, but also very positive,” he continued.
“We’ve been sharing information together. However, in this particular case the responsibility for regulating cryptocurrency is not our role any longer.
“It is not ours. It is strictly that of the Security and Exchange Commission (SEC). That is not our responsibility.
“Of course, the issue of people being held in custody, again strictly speaking is the Office of the National Security Adviser.
“That is not within the purview of the central bank. Unfortunately, there is nothing to report to you or tell you. We just want to clarify that that is really the relationship the central bank has on this matter.” he said.
Report has it that On February 28, Two top Binance executives — Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and The Binance’s head of financial crime compliance — were arrested by the Nigerian authorities and kept in custody for weeks.
Afterwards, The federal high court in Abuja ordered the Binance corporation to give the Economic and Financial Crimes Commission (EFCC) all the comprehensive data of all individuals in Nigeria trading on their platform.
Notably on March 25, the office of the national security adviser (ONSA) verified that Nadeem Anjarwalla had escaped its custody.
It was confirmed that he had escaped after guards on duty helped him to escape to a nearby mosque for prayers in the season of the just concluded Ramadan fast.
It is believed that he was to be flown out of Abuja with a Middle Eastern airline — but it is still unknown how he escaped from Nigeria with his British International passport.
Discover more from Infodorm
Subscribe to get the latest posts sent to your email.