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e-Naira: Lagos chamber calls for strict regulation to check cybercrimes

Lagos Chamber of Commerce and Industry (LCCI) is seeking the adoption of equality 20%, population 30%, and derivation 50% as revenue sharing formula between Federal, state and local government areas. According to a statement by the Director-General of LCCI, Dr Chinyere Almona, the current sharing formula is a major factor for the Value Added Tax imbroglio between state governments and the Federal Inland Revenue Service.

The Director-General of Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has called for strict regulation of the e-Naira to check cybercrimes.

Dr Almona, who disclosed this while speaking with journalists in Lagos, said it was good that Nigeria was joining the digital transformation train.

“It is imperative that digital platforms need to be well supported and regulated to reduce cybercrimes.”

The e-Naira is a Central Bank of Nigeria (CBN) digital currency that is ready for launch on October 1.

She noted that with the proposed international financial centre, Nigeria seeking to be a big player in Africa through the African Continental Free Trade Agreement (AfCFTA) and the emergence of special economic zones, among other intercontinental trade agreements, a digital currency is likely needed to play a facilitation role for trade and exchange.

“Again, we urge the best model of regulation that will boost business transactions and not stifle businesses that will like to play in that sector. Regulation should work towards achieving cyber-security and protecting transactions from frauds and hacking,” Dr Almona noted.

Almona, who recently assumed office to drive LCCI, also stated: “I plan to build on the successes of my predecessor by enhancing stakeholder engagement and advocacy with various arms of the state and federal governments.”

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