CBN Bans Cryptocurrency Activity in Nigeria
The apex bank on Friday issued a directive warning financial institutions in Nigeria to stop every cryptocurrency trading or faces sanctions. This directive is contained in a memo with reference no BSD/DIR/GEN/LAB/14/001 circularized by the Central Bank of Nigeria (CBN) directing Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs) to close accounts of persons and businesses who are using their systems for cryptocurrency trading. The letter which was signed by two CBN directors - Bello Hassan, The Director of Banking Supervision, and Musa Jimoh, The Director of Payments System Management Department expresses more emphasis on the January 12, 2017 circular. The circular referenced FPR/DIR/GEN/CIR/06/010 was one of the CBN circular released earlier warning the public and business on their financial involvement with the use of cryptocurrencies. Not just that, the apex bank have been showing its disdain for cryptocurrency The letter