The Central Bank of Nigeria (CBN), has directed banks and other financial institutions to shut down all cryptocurrency-related accounts in the country.
This was disclosed on Friday, in a letter addressed to all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions (OFIs).
The letter which was jointly signed by Bello Hassan, Director of banking supervision, and Musa Jimoh, Director, payments system of management department, banned all financial institutions from facilitating cryptocurrency payments in the country.
The apex bank said “breaches of this directive will attract severe regulatory sanctions.
“The CBN circular of January 12, 2017 ref FPR/DRI/GEN/CIR/06/010 which cautions DMBs, NBFIs, and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.
“Further to another regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.
“Accordingly, all 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 letter reads.
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