CBN orders closure of cryptocurrency accounts

CBN orders closure of cryptocurrency accounts

The Central Bank of Nigeria has ordered all banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. For more on Cryptocurrency accounts check here

It was also stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.

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This was made known in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ on Friday, 5th February, 2021.The circular which was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department respectively.

As contained in the letter, “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 and other financial institutions and members of the public on the risk associated with transactions in cryptocurrency refers.

The Central bank of Nigeria hereby wishes to remind regulated institutions that dealing with cryptocurrencies with or facilitating payments for cryptocurrency exchanges is prohibited and breaches of this directive will attract severe regulatory sanctions. For more information click here

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