CBN orders Nigerian banks to close cryptocurrency accounts
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Nigeria, Feb. 5 -- The Central Bank of Nigeria (CBN) has directed banks in the country to close all cryptocurrency-related accounts.
The bank said this in a statement on Friday.
The statement reads:
"The Central Bank of Nigeria (CBN) circular of January 12, 2017 ref FPR/DIR/ GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency refers.
"Further to earlier directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited.
"Accordingly, all DMBs, NBFIs a...
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