Bitcoin Was a Threat That Made Naira Almost Useless, Nigerian Senators Confirms

By: Henry Felix

Bitcoin Was a Threat That Made Naira Almost Useless, Nigerian Senators Confirms

February 12, 2021 4:47 AM

The Nigerian senators has reacted to the country ban on Bitcoin and other cryptocurrencies by the Central Bank of Nigeria(CBN).


As previously reported by Coinnewsafrica, the circular which was issued by CBN restricting banks and other regulated financial institutions in the country to stop offering banking services to crypto exchanges.


In the early hours on Thursday in the house of the senate during a plenary session, Senator Sani Musa of Niger East District commented:

He opined that Bitcoin and not corruption, insurgency, bad governance, and ever-accumulating foreign debt are to blame for naira's decline. However, in recent times the country has seen a rise in Bitcoin adoption, a major reason is tied to the search for a better way of surviving amid various questionable monetary policies embraced by the Central Bank of Nigeria (CBN).


In Bitcoin defense, a section of senators led by Sen. Biodun Olujimi of Ekiti South Constituency argued against the ban on cryptocurrencies. Sen. Biodun said: "our  regulatory goal for cryptocurrencies in Nigeria should be targeted at preventing its use for illicit means and criminal actors."


The CBN has been heavily criticized for banning cryptocurrencies with many expecting a clearer interpretation by CBN as they await a response. exchanges such as Binance and Okex not able to support naira pair anymore, p2p transaction has now become a temporary haven for Nigerian based crypto-traders.


Senator Biodun added: 
"We didn't create cryptocurrency here, so it can't be killed by us and can't dismiss to guarantee it works for us. However, Nigerians are conducting great business using crypto and they are getting results claiming the country cannot immune itself from this kind of business."