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Home » CBN directs banks, other financial institutions to close all crypto accounts
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CBN directs banks, other financial institutions to close all crypto accounts

Saint AugustineBy Saint AugustineFebruary 5, 2021No Comments2 Mins Read
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The Central Bank of Nigeria (CBN) has directed all the Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) as well as Other Financial Institutions (OFIs) to identify persons and or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.

In a letter to all the Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions on Friday by the duo of Bello Hassan and Musa .I. Jimoh, Director of Banking Supervision and Director, Payment System Management Department respectively, the Bank recalled its circular of January 12, 2017 with reference number: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks, Non-Banks Financial Institutions, Other Financial Institutions and members of the public on the risks associated with transactions in crypto currency.

The letter added that “Further to earlier regulatory directive on the subject, the Bank hereby wishes to remind regulated institutions that dealing on crypto currencies or facilitating payments for crypto currency exchange is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and or entities transacting on or operating crypto currency exchanges within their systems and 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.”

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Central Bank of Nigeria Crypto Currencies Deposit Money Bank
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Saint Augustine is a seasoned freelance journalist and the chief editor of Primetime Reporters.

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