Our reporter/ The Central Bank of Nigeria (CBN) on Tuesday said it is the role of the Securities and Exchange Commission (SEC) to regulate cryptocurrency transactions in the country, and not the responsibility of the apex bank.
CBN Governor Olayemi Cardoso stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja when the MPC hiked interest rate by from 22.75% to 24.75%.
Cardoso, however, said collaboration with SEC, the Economic and Financial Crimes Commission (EFCC) and the Office of the National Security Adviser has been yielding positive outcomes in the last one month.
The apex bank chief was responding to a question on the apex bank’s update on crypto exchange platform Binance which has come under intense clampdown of the Federal Government since the last MPC meeting in February when the CBN governor said $26bn suspicious flows passed through Binance last year.
“We consider ourselves as having the wherewithal to collaborate with other agencies of government and that is a very important function for us.
“About a month ago, we actually did have collaboration with law enforcement agencies, EFCC, the SEC and other regulatory bodies as well, and what came out of that, is a work in progress, but very positive as far as I can say.
“The NSA, we’ve been sharing information together. However, in this particular case, the responsibility for regulating cryptocurrency is not our role, it isn’t ours; it is strictly that of the Security and Exchange Commission, not our responsibility.”
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