The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

“The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

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Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

The NSE Banking Index traded bearish at the end of the trading session today. 6 banks posted Gains and 4 Losses were recorded. The NSE Banking Index finished red with a loss of -0.52% adding to the -0.97% held in the previous trading session. The index dropped to 343.03 index points at the close of trading activities today.

Sterling Bank posted a substantial loss of -9.76% adding to the -0.61% held at the previous trading session pushing the price downwards from N1.70 to N1.49 and leading the top losers in the NSE Banking index.

Zenith Bank also saw another loss of -1.38% adding to the -0.91% held in the previous session pushing the price from N22.00 to N21.80.

Jaiz Bank lost some profit from the +6.67% held in the previous trading session by posting a loss of -1.56% settling the price at N0.63.

Fidelity Bank broke the stalemate held at the previous trading session to post a loss of -2.83% settling the price at N2.39 from N2.47.

Union Bank posted profits of +2.20% to settle the price at N4.65.

UBA also made gains of +2.21% pushing the price downwards to N6.95 from N6.80.

Wema Bank recovered from the decline in the previous session to post gains of (+1.79%) pushing the price to N0.58 from N0.55.

GT Bank also posted a profit of +1.39% moving price from 28.75 to N29.15.

Access Bank made a decisive move from its stalemate position with gains of +0.66% settling the price at N7.60.

Ecobank made profits of (+1.04%) settling the price at N4.90.

Outlook

• Market sentiment trends towards recovery as 6 companies in the NSE Banking Index made gains as opposed to 4 losses at the end of the trading session today.
• Nairametrics advises cautious participation in the market amid growing uncertainties in Nigeria.