Just In: CBN order banks to shutdown crypto accounts

Just In: CBN order banks to shutdown crypto accounts
CBN Governor, Godwin Emefiele

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

This was contained in a letter issued to all DMBs, OFIs and NBFIs by the apex bank

According to CBN, any 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 ref
FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs 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.”

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