By Fola James
The Central Bank of Nigeria, CBN has barred commercial banks and other financial institution in the country from dealing in cryptocurrency. it has therefore, directed banks to close all customers’ accounts dealing in Bitcoins with immediate effect.
The directive was contained in a statement released by the CBN on Friday, part of which reads thus:“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,” CBN said.
“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
The apex bank said it will punish any bank that flouts the order.
