The Central Bank of Nigeria (CBN) has placed a ban on all forms of cryptocurrencies in the country, asking deposit money banks, non-financial institutions, and other financial institutions not to dare its order.
This was contained in a statement issued by the CBN on Friday, February 5, warning and reminding local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
The apex bank, however, charged the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
The statement read in part: “Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons or an identity transacting in or operating cryptocurrencies exchanges within their systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions.”