CBN Orders Banks To Close All Accounts Transacting In Cryptocurrency

CBN Orders Banks To Close All Accounts Transacting In Cryptocurrency

By BUKOLA IDOWU  | The Central Bank of Nigeria (CBN) yesterday ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. The order, which was contained in a circular to banks and other financial institutions signed by the director of banking supervision, Bello Hassan, is expected […]

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

“Accordingly, all DMB’s NBFI’s or OFI’s 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.

“Please, note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect”.

However, Nigerians took to social media to protest the order by the CBN, saying the move was one that would drag the country backwards.

According to Twitter users, Nigeria as one of African countries with a huge crypto following is being dragged down by policies.

Many crypto traders on the platform said they had received calls and warnings from their banks to stop trading in cryptocurrency or have their accounts flagged and barred if they continue to carry on cryptotrading.

A Start-up CEO who craved anonymity explained that in Nigeria, cryptocurrency and foreign exchange are two dynamics that ought to be taken seriously.

Source: CBN Orders Banks To Close All Accounts Transacting In Cryptocurrency

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