The CBN said it was reminding regulated banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. As CoinDesk shows, all banks should identify persons and/or entities transacting with cryptocurrency or operating crypto exchanges on their platforms and ensure that such accounts are closed immediately.
Any breaches of the order would face ‘severe regulatory sanctions,’ the order states. Nigeria has a history of ‘fighting against’ cryptocurrency. For several years, the CBN has warned residents and financial institutions that cryptocurrency investments are unprotected, and investors face risks such as exchange bankruptcy and market volatility.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.