Nigeria Bans Crypto currencies, Directs Banks to Close Accounts
Godwin Emefiele - CBN Chief

Nigeria Bans Crypto currencies, Directs Banks to Close Accounts  

Nigerian government has placed a restricting order on trading crypto currencies as a means of exchange amidst growing acceptance in the country.

The Central Bank of Nigeria ,CBN, made this known in a new circular dated February 5, 2021 obtain on its website, ordered banks to close all crypto currencies related accounts.

Accordingly, the Nigerian Central Bank reminded deposit money banks that dealing or facilitating payment for crypto currencies exchange remains prohibited.

The apex bank referenced its earlier circular to all deposit money banks, non-bank financial institutions and other its directive on the subject on January 12, 2017 remains.

The statement reads: “the Central Bank of Nigeria’s circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned deposit money banks (DMBs), non-bank financial institutions (NBFIs) and other financial institutions (OFIs) and members of the public on the risk associated with transaction crypto currencies refer.

“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for crypto currencies exchange is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons or/and entities transacting in or operating crypt currencies exchanges with their systems and ensure that such accounts are closed immediately”.

CBN also threatens that breaches of its directive on banned crypto currencies trading and exchange facilitation will attract severe regulatory sanctions.  

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Nigerian Bans Crypto currencies, Directs Banks to Close Accounts