BREAKING: CBN Bans Crypto Exchange In Nigeria

CBN

The latest report revealed as the Central Bank of Nigeria, CBN, ban Nigerians from buying, selling bitcoin and crypto.

The announcement made on Friday instructed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs), and local financial institutions over dealing with any transactions in crypto or facilitating payment for crypto exchanges.

It revealed that the apex bank gave the directive in a letter to all DMBs, OFIs and NBFIs on February 5.

The circular signed by Bello Hassan, the Director of Banking Supervision, stated that the CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs, and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.

Since an announcement has been made on crypto bans, the CBN, as a result of this, warned that a breach of this directive would attract severe regulatory sanctions.

Furthermore, the Apex Bank ordered DMBs, OFIs, NBFIs, to identify persons and entities transacting in or operating cryptocurrency exchanges within their system and make sure that accounts are closed with immediate effect.

Letter of crypto ban

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