CBN Shuts Down Cryptocurrency Exchange Bank Accounts (Details)

A directive has been sent out by the Central Bank of Nigeria to shut down cryptocurrency exchange bank accounts with immediate effect, according to multiple online reports.

According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank accounts of people trading in cryptocurrency.

The letter read;

“February 5, 2021

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father 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 OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand 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.”

Social media users have since reacted negatively to the directive as many stated that the apex back is taking the country back to the stone age.

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