March 5, 2021

BREAKING: CBN Orders Banks To Close All Accounts Transacting In Cryptocurrency

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The Central Bank of Nigeria has ordered all banks to close accounts of anyone who transacts in cryptocurrency – Channel TV.

The announcement was was made in a circular to banks and other financial institutions, on Friday, credited to the Director of Banking Supervision, Bello Hassan, and the order is with immediate effect.

According to the CBN, facilitating payments for cryptocurrency exchanges is not allowed.

“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”.

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