Wahala as CBN orders the closure of person's account transacting in cryptocurrencies KossyDerrickBlog KossyDerrickEnt

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Friday, February 5, 2021

Wahala as CBN orders the closure of person's account transacting in cryptocurrencies

Central Bank of Nigeria has shattered the hearts of many Nigerian youths with it's new order. According to an open statement by CBN, accounts of people transacting in crypto currencies (bitcoins and all) are hereby prohibited. 



Accounts of such persons will be permanently closed. In a statement, CBN revealed:

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS:

The Central Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/GEN/CIR/06/010 which cautioned deposit money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency refers. 

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 exchanges is prohibited. 

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

Please note that breaches of this directive will attract severe regulatory sanctions. 
This letter is with immediate effect. 
Yours faithfully, 
Bello Hassan
Director of Banking Supervision 

Musa Jimoh 
Director Payments System Management Department. 


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