The Securities and Exchange Commission (SEC) has said it is working with the Central Bank of Nigeria (CBN) on regulations guiding cryptocurrency trading.
Disclosing this at the 2021 first post-Capital Market Committee (CMC) virtual news conference, SEC Director-General, Lamido Yuguda explained that the commission suspended the implementation of Crypto-assets Guidelines due to a lack of access to Nigerian bank accounts.
Yuguda assured that SEC remained supportive of Fin-techs and was developing a framework to support their operations, added that the public will be informed of the outcome of the engagements with the CBN.
“With the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted. Our aim is to ensure the delivery of safe products and services without stifling innovation”, Yuguda said.
