The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who is engaged in cryptocurrency trading
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
rading with Bitcoin–a cryptocurrency type has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin and making profit for themselves.
But the Apex bank is clearly not a fan of digital currencies.
In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.”
The CBN also announced that breaches of its directive will attract severe regulatory sanctions.
