Northern Nigerian Breaking News

CBN bans cryptocurrency trading in Nigeria

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The Central Bank of Nigeria, CBN, on Friday directed commercial banks, 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.

CBN announced this in a letter to all commercial banks, OFIs and NBFIs.

The apex bank noted that “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  R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.

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“Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies 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 cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”

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