CBN Orders Banks To Shutdown Crypto Accounts

by on February 5, 2021

By Onwuka Gerald

The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against carrying out any transactions in crypto or enabling payments for crypto exchanges.

The bank made the disclosure in a letter to all DMBs, OFIs and NBFIs. They continued that violation of the directive will attract harsh regulatory sanctions.”

The circular which was signed by Director of Banking Supervision, Bello Hassan read,” The CBN circular of January 12, 2017 ref

The circular continued that, the bank on that note, wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is hereby banned.

DMBs, OFIs, NBFIs, are advised to identify individuals or entities involved in or operating crypto currency exchanges within their system and do well to close such accounts.

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