Nigerians react to ban on cryptocurrency by CBN

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.”

Also Read: Anambra introduces curfew to stop spread of covid-19

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.”