House of Representatives Launches Probe into Cryptocurrency and eNaira

The House of Representatives has taken decisive action, resolving to delve into the intricate world of cryptocurrency, digital assets, and online peer-to-peer (P2P) marketplace transactions within the nation. The purpose, as outlined by lawmakers, is to meticulously assess any potential threats to national security and pinpoint legislative gaps.

During a recent plenary session on Tuesday, the green chamber passed a resolution to scrutinize the status of the eNaira on the global cryptocurrency platform, with a keen eye on ensuring statutory compliance in the creation of this digital currency. This move came to fruition following the adoption of a motion of urgent public importance spearheaded by Isiaka Ibrahim from Ogun State.

In presenting the motion, Ibrahim underscored the escalating global apprehension surrounding the national security ramifications associated with cryptocurrency transactions via crypto exchanges, citing concerns over consumer and investor security. He emphasized the purported role of these exchanges in facilitating money laundering activities orchestrated by criminals and terrorists.

Furthermore, the lawmaker highlighted the Central Bank of Nigeria’s (CBN) expressed concerns regarding the potential for illicit transactions and money laundering through cryptocurrency exchanges, noting their perceived utilization as an alternative platform for determining local foreign exchange (FX) rates.