CBN bans cryptocurrency trading in Nigeria

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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other and other budgetary institutions to shut accounts of people who are utilizing their systems for cryptocurrency exchanging.

Bitcoin has gained footing globally and in Nigeria recently; and most youthful people have been investing within the cryptocurrency world, buying and selling bitcoin and making benefit for themselves.

In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: “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.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.”

The CBN also declared that breaches of its directive will attract severe regulatory sanctions.

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Written by Dammy

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