Breaking: CBN bans all forms of cryptocurrencies in Nigeria

  The Central Bank of Nigeria (CBN) has banned all forms of cryptocurrencies in the country, warning deposit money banks, non-financial institutions, and other financial institutions against their continuity in the business.

The CBN, in a statement obtained by Techeconomy.ng on Friday, February 5, warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank, however, charged the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

The statement read in part: “Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons or an identity transacting in or operating cryptocurrencies exchanges within their systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions.”