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BREAKING: CBN Orders Closure Of Accounts Dealing In Cryptocurrencies

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The Central Bank of Nigeria, CBN, had directed all Deposit Money Banks and other financial institutions to close the accounts of anyone discovered to be dealing in cryptocurrencies.

The apex bank gave this order in a circular issued on Friday and was signed by the Director, Banking Supervision, Hassan Bello, and Director of Payments Systems Management, Musa Jimoh.

The financial regulator reiterated that transaction in cryptocurrency was prohibited.

The circular read, “The CBN circular of January 12, 2017 ref FPR/DIR/GEN/CIR/10 which cautioned Deposit Money Bank (DMBs), non-Bank Financial Institutions (NBFIs), other financial institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers.

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

“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.”

The CBN warned that the failure of operators to comply with the directive would attract severe regulatory sanctions.

Here is the circular:

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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