Central Bank of Nigeria directs financial institutions to close all accounts for cryptocurrency trading

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The Central Bank of Nigeria has directed financial institutions to close accounts of clients using their systems for cryptocurrency trading.

A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

This was contained in a statement issued and signed on Friday (February 5) by the Director of banking supervision Bello Hassan and Musah Jimoh director, of payment system management at the Central Bank of Nigeria.

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

The CBN statement added, “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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The Central Bank further declared that breaches of its directive will attract severe regulatory sanctions.

This is not the first time the regulator has expressed reservations about trading in cryptocurrency.

In 2018, the apex bank issued a circular to say cryptocurrencies are not legal tenders in Nigeria.

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Citizen Atare is a Ghanaian who hails from the Upper East Region. He is an ICT professional working at the University of Ghana, Legon. Citizen Atare is an amateur freelance writer and blogger for over 20 years, who likes to research into everyday lifestyle issues and situations, politics, and cultural practices to write about to educate and also entertain his readers. He is a highly creative and motivated, highly inquisitive, open minded and to an extent risk-taking with a high visual acumen. He is a dreamer who isn’t afraid to break creative barriers. He is also a passionate aviation, tech and motoring enthusiast with a lot of knowledge to share and a private researcher. He has no formal education or certificate in journalism, but the hunger to know more and do more, backed by an impressive work portfolio is what drives him to write the things he knows best for his numerous online fans. Citizen Atare is married to Margaret and they both live in Accra with their lovely daughter Zoey. His hobbies include reading, listening to very good music; especially jazz, writing, watching action, sci-fi and adventure movies, travel and site seeing and swiming. He likes eating fufu and palm nut soup, but prefers boiled rice and kontomire stew with agushie more. Contact: pnawurah@gmail.com

2 COMMENTS

  1. Instead of looking for ways to accept cryptocurrencies, they are rather looking for ways to prolong the inevitable. Hmmm Africa.

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