By Harry Awurumibe, Editor, Abuja Bureau
As part of ways to cut off inflow of illicit funds into Nigeria, the Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions.
In a circular authored by CBN which is currently circulating on social media, the Nigerian bank regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately. “
The CBN has been long taken a hard-line position against cryptocurrencies, which have become a major unit of commerce across the world in recent years.
Find below the circular:
