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BREAKING: Outrage As CBN Directs Banks To Shutdown Cryptocurrency Accounts

ReportersAtLarge by ReportersAtLarge
February 5, 2021
in Business, Featured
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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank disclosed this today in a letter to all DMBs, OFIs and NBFIs. The regulator noted that “breaches of this directive will attract severe regulatory sanctions.

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“Further 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.

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“Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”

The circular signed by Director of Banking Supervision, Bello Hassan stated: “The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.”

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