• Charges banks to close crypto-traders’ account
The central bank of Nigeria (CBN) has directed all deposit money Banks (DMBs) and other financial institution to permanently close the account of those using the banking system for trading cryptocurrency
In a statement which was released on Friday 5th February 2021, signed by Bello Hassan, the director of banking supervision and Musa Jimoh director of payment system management department.
The circular said “further to earlier regulatory directives on the subject, the bank hereby, wishes to remind regulated institutions that dealing in cryptocurrency or facilitating its payment, is prohibited.
“Accordingly, all DMBS, NBFIs, OFIs are directed to identify persons or entities transacting or operating in crypto currency exchange within their systems and ensure that such accounts are closed immediately.”
However, this is not the first time the Apex bank is issuing a ban on crypto currency, it can be recalled that in 2018 the bank issued a statement stating vehemently that crypto currency is an illegal tender in Nigeria.
Ifesinachi Nnabugwu reporting, Obinwannem News
