The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
In a circular dated February 5, 2021, the CBN reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
The Central Bank also added that “breaches of this directive will attract severe regulatory sanctions.”
In January 2017, CBN had said digital currencies such as bitcoin are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.
It had also said that such currencies are not accepted as legal tender in Nigeria.
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