Vice President Yemi Osinbajo of Nigeria has reported that the country's monetary authorities should consider controlling cryptocurrency. Instead of "eating the goose that would lay the golden egg", he suggests that Nigeria's monetary authorities consider creating a "robust regulatory regime". On January 1, 2018, the Central Bank of Nigeria (CBN) ban on crypto assets came into effect. Leaders at both the CBN and the Securities and Exchange Commission of Nigeria (SEC) have since defended this decision.