CBN orders Banks to shut down accounts trading with Crypto Currency.

The Central Bank of Nigeria, CBN, has
directed Deposit Money Banks (DMBs),
Other Financial Institutions (OFls) and
Non-Bank Financial Institutions (NBFIs)
local financial institutions against having
any transactions in crypto or facilitating
payments for crypto exchanges.

The apex bank disclosed this today in a letter to all DMBs, OFls and NBFls. The
regulator noted that “breaches of this directive will attract severe regulatory sanctions.

The circular signed by Director of Banking
Supervision, Bello Hassan stated” The CBN circular of January 12, 2017 FPRIDIRGENT R/06/010 which DMBs NBFls and OFls and members of the public on the risks associated with transactions in crypto currency refers.

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

“Accordingly, or DMBS, OFIS, NBFIS, are
advised to identify persons and /or
entities transacting in or operating crypto
currency exchanges within their system
and ensure that such accounts are closed
immediately.”