CBN Bans Cryptocurrency Trading In Nigeria

The Central Bank of Nigeria, (CBN) today directed all Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) to close all cryptocurrency-related accounts.

This directive is contained in a letter signed by Bello Hassan, director of banking supervision, and Musa Jimoh, director, payments system of management department, addressed to all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and other financial institutions (OFIs).

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited,” the statement reads.

The apex bank also directed all DMBs, NBFIs and OFIs to identify persons and entities transacting in, or, operating crypto currency exchanges within their systems to close such accounts immediately.

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