Central Bank Of Nigeria Bans Banks From Dealing With Cryptocurrency Traders
TheÂ Central Bank of NigeriaÂ (CBN) has directed banks in the country to shut down the accounts of cryptocurrency traders.
The CBN in its directive, told Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Bank Financial Institutions (NBFIs) local financial institutions to stop any transactions in crypto or facilitating payments for crypto exchanges.
The apex bank in the circular signed by Director of Banking Supervision,Â Bello Hassan, and Director, Payments System Management Department,Â Musa I JimohÂ warned that disobedience to the directive will attract sanctions.
â€œBreaches of this directive will attract severe regulatory sanctions,â€Â the CBN warned.
â€œFurther to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited.
â€œAccordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately,â€Â the apex warned.