The Central Bank of Nigeria on Friday said its 2017 prohibition on cryptocurrency activities and exchanges remain unchanged.
The apex bank in a letter addressed to deposit money banks, non-bank financial institutions; other financial institutions, and members of the public, said dealing in cryptocurrencies and facilitating payments for cryptocurrency exchanges is prohibited.
“breaches of this directive will attract severe regulatory sanctions.”
The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.
“Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited. “Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”
Someone called me, wanting to sell his crypto.
Don't panic. Hold on to your coins.
— Aproko Doctor (@aproko_doctor) February 5, 2021
If the ban on crypto by CBN is true ehn, it points yet again to the ill informed, backward, poverty promoting dinosaurs 🦖 leading us. Use your time ⌚ to investigate and close accounts sponsoring terrorists in the country if you don't know what to do!!! GAWD 🤦🏾♂️#endsars 🚶🏾♂️
— Dj Switch (@dj_switchaholic) February 5, 2021
I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty? #crypto
— Ben Murray-Bruce (@benmurraybruce) February 5, 2021
How can you ban crypto transactions in 2021 !! A currency that’s growing our economy little by little.People are making money legitimately.Doubling their money and taking care of their families with it!They just want us to suffer! Our government hates progress!! It’s saddening💔
— Oyindamola🙄 (@dammiedammie35) February 5, 2021
Crypto currency: *Positively changing the lives of Nigerian youths*
Buhari Govt: pic.twitter.com/M4AitoakjN
— Osuofia JetLi (@Osuofia_jetli) February 5, 2021
Banning #Crypto is like locking up the barn door after the horses have long fled the stable. We can either drive things underground or build policies around harnessing crypto benefits.
— Steve Babaeko (@Steve_eko) February 5, 2021
You want Buhari's validation, Trade on cattles, not #Crypto
— FS Yusuf (@FS_Yusuf_) February 5, 2021