Central Bank of Nigeria bans buying and selling of cryptocurrency

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Ndaman Joshua Olayinkahttp://www.yinksmedia.com
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The Central Bank of Nigeria, CBN has directed banks, non-bank financial institutions and other financial institutions to close customer accounts used in buying and selling of cryptocurrencies and other related transactions.

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LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic on the risk associated with transactions in crypto currency refers.

Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies 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 crypto currency exchanges within tier systemsand ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Read more: Paxful partners with Bitsika as a payment platform in Nigeria

According to Quartz Africa, Nigeria has the world’s second largest Bitcoin trading volume after USA.

Also read: Bitsika Africa crosses 100,000 users and processed more than $40 million in 16 months

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