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CBN order Banks to close cryptocurrency accounts


The Central Bank of Nigeria (CBN) has directed banks in the country to close all cryptocurrency-related accounts.


CBN prohibited all financial institutions from facilitating crypto currency payments in the country.


The bank in a statement signed by the director of banking supervision, Bello Hassan and Musa Jimoh on Friday directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs)and other financial institutions (OFIs) to identify persons and entities transacting in, or, operating crypto currency exchanges within their systems to close such accounts immediately.


In the statement, the CBN referenced a circular it issued in January 12,2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs)and other financial institutions (OFIs) as well as members of the public on the risk associated with transactions of crypto currency.


The statement reads in part, “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 is prohibited,”
(Premium Times)

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