Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, says regulators of Nigeria’s financial sector can no longer continue to ignore developments in the cryptocurrency space at a time the world is seeking a way to integrate its use into the global financial system.
Speaking when the board and management of the Nigeria Deposit Insurance Corporation (NDIC) visited his office, Gbajabiamila said various safety-net participants in the country must not be left behind.
Instead, he called for an appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space.
A statement by Sunday Oluyemi, Director, Communication & Public Affairs, quoted the speaker as recalling that a recent meeting of world leaders in Osaka, Japan deliberated on the subject.
Speaking earlier, Managing Director and Chief Executive Officer of the NDIC, Umaru Ibrahim, had advised Nigerians to exercise maximum caution in the adoption of crypto-currencies as their preferred mode of financial transactions.
He reasoned that while various forms of digital currencies currently in operation have their positive and negative attributes, those who patronize them risk losing their savings because the medium is largely unregulated and without the backing or support from the traditional Central Banks in almost all financial jurisdictions.
Chairman of NDIC’s board, Mrs. Ronke Sokefun, had also earlier solicited the assistance of the House to pass the NDIC Act Amendment Bill currently before the National Assembly, to which the Speaker promised to ensure that the most appropriate Committee is assigned to handle the oversight functions of the corporation.
Commending the visitors, he described it as a right step towards fostering a harmonious working relationship with agencies in the executive arm of government.
Mrs. Sokefun had also informed the Speaker that the NDIC remained a critical player in the Nigerian financial safety net, contributing immensely to the growth and stability of the nation’s financial stability in the 30 years of its operations using best practices.
She added that the corporation recently became the first public sector institution in Nigeria to be awarded three International Standard Organization (ISO) certifications simultaneously by the British Standards Institute (BSI) in view of its result-oriented system, processes and procedures.
Photo Caption: Umaru Ibrahim, MD/CEO, NDIC (left); Mrs Ronke Sokefun, Chairman, NDIC Board of Directors; and Rt. Hon. Femi Gbajabiamila, Speaker, Federal House of Representatives during the courtesy visit on the latter by the Board and Management of the NDIC.