Tension as CBN directs banks to close accounts related to cryptocurrencies

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

Information gathered from TheGuardian

conveys that this was contained in a circular issued on Friday, February 5, distributed to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).

The circular was however signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.

Legit.ng reports that the apex court told the regulated institutions that any deals with cryptocurrencies or facilitating any payments for cryptocurrency exchanges is forbidden.

CBN further said!!!

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.

According to previous report on January 2017, CBN had  said  that!!

digital currencies such as bitcoin, litecoin, and others are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.


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