BusinessDay
NigeriaDecides2023

CBN orders banks to close accounts of crypto exchanges

The Central Bank of Nigeria has said its 2017 prohibition on cryptocurrency activities and exchanges remain unchanged.

In a letter addressed to deposit money banks, non-bank financial institutions; other financial institutions, and members of the public, the apex bank said dealing in cryptocurrencies and facilitating payments for cryptocurrency exchanges is prohibited.

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“Accordingly, all DMBs, NBFIs, OFIs are directed to identify persons and or entities transacting in or operating cryptocurrency within their systems and ensure that such accounts are closed immediately,” the letter signed by Bello Hassan, Director of Banking Supervision noted.

The CBN also threatened “severe” regulatory sanctions to operators that fail to comply with the directive.

According to a source in one of the cryptocurrency exchanges said the directive will affect withdrawal and deposits into wallets.

Details later…

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