Economy
Senate Summons Emefiele, SEC DG to Explain Ban on Cryptocurrency
The Senate has invited the Governor of the Central Bank, Godwin Emefiele, to brief it on the opportunities and threats of cryptocurrency on the nation’s economy and security.
It also invited the Director General of the Security and Exchange Commission (SEC), Lamido Yuguda.
This invitation comes about a week after the CBN directed banks in the country to close all cryptocurrency-related accounts prohibiting financial institutions from facilitating crypto currency payments in the country.
.The decision has triggered outrage across the country, from many Nigerians, mostly young people, who have invested in the digital currency.
Messrs Emefiele and Yuguda will, in a briefing, explain the reasons behind the recent ban, the negative impact that cryptocurrency can cause to the economy as well as opportunities that can be explored.
The decision to invite the duo was a sequel to a motion titled “CBN’s decision to stop financial institutions from transacting in cryptocurrencies” sponsored by Plateau senator, Istifanus Gyang and Adetokumbo Abiru (APC, Lagos).
Leading the debate, Mr Gyang said the digital currency was anchored on anonymity and concealment of its patrons making it difficult if not impossible to trace and uncover those that may deploy it for ignoble and illegal usage such as money laundering, terrorism financing, drug purchase, cybercrime, among others.
Cryptocurrency is, however, both an opportunity and a threat, he said.
He, therefore, called on the Senate to ensure that the nation and citizens do not miss out on the opportunities that cryptocurrency offers and in the same vein, mitigate and prevent likely consequential effects on the nation’s economy and security.
Other senators like Adeola Olamilekan, Sani Musa, Albert Bassey and Biodun Olujimi, spoke in support of the motion.
Matthew Urighode (PDP, Edo) on the other hand, expressed fear about the anonymity of the digital currency.
The briefing with Messrs Emefiele and Yuguda will be conducted by the Senate Committees on Banking, Insurance and Other Financial Institutions, Cybercrimes and ICT and Capital Market.
The joint committee will thereafter prepare a report with recommendations and submit to the Senate in two weeks.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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