The Central Bank of Nigeria has ordered all banks to close accounts of anyone who transacts in cryptocurrency.
The order was contained in a circular to banks and other financial institutions, signed on Friday by the 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.
“Accordingly, all DMB’s NBFI’s or OFI’s are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems 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”. (Channels TV)
About the Author
495570 250855You produced some initial rate factors there. I seemed on the internet for the difficulty and located a lot of people will go along with together along with your website. 809490
111290 471170Hiya. Extremely cool web site!! Man .. Beautiful .. Amazing .. I will bookmark your internet internet site and take the feeds additionallyI am pleased to locate numerous useful details here within the post. Thank you for sharing 288877
757515 455344I was searching for this. Actually refreshing take on the data. Thanks a lot. 787824