CBN Prohibits Cryptocurrency Dealings In Nigeria

Yemisi Izuora

The Central Bank of Nigeria (CBN) has directed all banks; to close accounts of anyone who transacts in cryptocurrency.

This directive was contained in a letter signed on Friday, February 5, by the CBN Director of Banking Supervision, Bello Hassan, and it is expected to take effect immediately.

According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

“The Central Bank of Nigeria circular of January 12, 2017, ref FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs); Non-Bank Financial Institutions (NBFIs); other Financial Institutions; and members of the public on the risk associated with transactions in cryptocurrency refers.

“Further to earlier regulatory directions on the subject, the bank hereby wishes to remind regulated institutions dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

One thought on “CBN Prohibits Cryptocurrency Dealings In Nigeria

  1. prohibits-cryptocurrency-dealings is not a solution , as we all know these digital currency are going to be future currency, and we cant deny this fact….want to learn more about forex trading

Add Comment