JUST IN ! CBN Bans Cryptocurrency Transactions in All Banks – Hetty's Media – Very Nigerian. News-on-your-phone-on-the-go

The Central Bank of Nigeria (CBN) has ordered banks and all financial institutions in the country to close every account of cryptocurrency traders.

The apex bank in a statement, directed Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) and local financial institutions to stop any transactions in crypto or facilitating payments for cryptocurrency exchanges.

The memo to that effect was signed by the Director of Banking Supervision, Bello Hassan and the Director, Payments System Management Department, Musa Jimoh.

The directive added that failure to comply with the directive will attract sanctions.

“Breaches of the directive will attract severe regulatory sanctions.

“Further to other regulatory directive directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from crypto currency exchanges is prohibited.

“Accordingly, or DMBs, OFIs, NBFIs are advised to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”