The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs), Non Bank Financial Institutions (NBFls), Other Financial Institutions (OFls) to identify those transacting in cryptocurrency exchanges within their systems and close their accounts.
This is contained in a letter to all DMBs, NBFls, OFIs dated February 5, 2021.
The letter is jointly signed by Bello Hassan and Musa I Jimoh, Director of Banking Supervision and Director Payments System Management Department of the apex bank respectively.
“The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref
FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non Bank Financial Institutions (NBFls), Other Financial Institutions (OFls) and members
of the pubic on the risk associated with transactions in cryptocurency refers.
“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments
For cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFls are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.
“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”
