CBN directs banks to shutdown crypto accounts

By Nneka Nwogwugwu

The Central Bank of Nigeria, CBN, has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions to shut down transactions in crypto or facilitating payments for crypto exchanges.
CBN made this known on Friday in a letter to all DMBs, OFIs and NBFIs.
The apex bank noted that “breaches of this directive will attract severe regulatory sanctions.”
According to the circular signed by Director of Banking Supervision, Bello Hassan, dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited.
The circular reads in part, “Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited.
“Accordingly, DMBs, OFIs, NBFIs are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.”