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See Reasons CBN Directs Banks To Close Accounts Of Cryptocurrency Traders

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See Reasons CBN Directs Banks To Close Accounts Of Cryptocurrency Traders

The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The apex bank gave the directive in a circular issued today February 5. The circular was addressed to all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).

The statement released today by Bello Hassan, the director for banking supervision, and Musa Jimoh, director of the payment system management department read;

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

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

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