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CBN orders closure of accounts transacting in cryptocurrency

newslive by newslive
February 5, 2021
in Business
0

The Central Bank of Nigeria, CBN, on Friday, instructed Deposit Money Banks (DMBs), other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank gave the directive in a letter to all DMBs, OFIs and NBFIs dated February 5th.

The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency 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.”

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