Umaru Ibrahim, the Managing Director and Chief Executive officer of the Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to be very careful about adopting cryptocurrencies as their mode of transaction.
He made several remarks about using digital currencies when the Board and Management of the Corporation paid a courtesy visit to the Speaker of the Federal House of Representatives, Femi Gbajabiamila, at the National Assembly Complex in Abuja.
Ibrahim’s advice: He noted that though digital currencies have many benefits, one should be careful using it to send or receive money since its mode of operation isn’t regulated and doesn’t have the backing of most traditional banks in almost all financial jurisdiction.
NDIC’s stand and request: Ronke Sokefun, the Chairman of the Board of the Corporation added that the NDIC is a critical player in Nigerian financial safety net and has always contributed to the daily growth of the country’s financial stability.
She continued that the NDIC is the first public sector 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.
She also solicited the help of the House in the passage of the NDIC Act Amendment Bill currently before the National Assembly.
The Speaker’s response: Responding to their request, the Speaker praised NDIC on their visit, as he described it as a right step towards promoting a good working relationship with agencies in the executive arm of government.
Speaking further about Cryptocurrencies, he said that the world was trying to incorporate it into the global financial landscape. He added that NDIC and other safety-net participants in the country must not be left behind in the adoption of an appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space.
He assured that the House, under his leadership, would ensure that the most appropriate committee is assigned to handle the oversight functions of the Corporation.