CBN Orders Closure of Cryptocurrency Accounts

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CBN Orders Closure of Cryptocurrency Accounts
Obiajulu Joel Nwolu

The Central Bank of Nigeria on Friday ordered banks and other financial institutions to close accounts of persons and groups operating cryptocurrency exchanges.

The apex bank said that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.

This was contained in a circular signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department to all Deposit Money Banks, non-bank financial institutions and other financial institutions.

It was titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’

It read, “The Central Bank of Nigeria circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned the Deposit Money Banks, non-bank financial institutions, other financial institutions and members of the public on the risk associated with transactions in cryptocurrency refers.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs 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. The letter takes immediate effect.”

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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