The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are in talks over cryptocurrency market in the country.
The apex bank had banned the transaction of the cryptocurrency.
The discussions are centered around understanding and regulating the cryptocurrency which has become a global phenomenon as investors migrate from several investment vehicles to store their wealth in bitcoin and altcoins.
The head of the capital regulator, Director-General, Lamido Yuguda, said it will continue to have discussion with stakeholders in the tech space in order not to endanger innovation within the country, while keeping watch of the activities ongoing in the cryptocurrency market.
Yugud also stated that the commission intends to ensure only credible persons operate in the capital market. He made this known on Thursday, April 15, 2021, during a press briefing at the end of the Capital Market Committee meeting.
“It became imperative for the commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian capital market as only registered capital market operators are permitted to intermediate in the Nigerian capital market and only through approved channels.”