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Nigeria's Central Bank Orders Banks to Close Accounts of All Crypto Users
Any breaches of the order would face "severe regulatory sanctions," the central bank warned.
Updated Dec 10, 2022, 8:00 p.m. Published Feb 5, 2021, 2:52 p.m.
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The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies.
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- The CBN said it was reminding regulated banking institutions that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited."
- As such, all banks should "identify persons and/or entities" transacting with cryptocurrency or operating crypto exchanges on their platforms and "ensure that such accounts are closed immediately."
- Any breaches of the order would face "severe regulatory sanctions," the order states.
- The CBN letterhttps://www.cbn.gov.ng/Out/2021/CCD/Letter%20to%20All%20Banks%20on%20Crypto%20Currency.pdf is signed by Bello Hassan, Director of Banking Supervision, and dated Feb. 5.
Read more: Nigeria’s Central Bank Again Warns on Crypto Investments
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