Nigeria Central Bank Bans Crypto Currencies

The Central Bank of Nigeria (CBN) in a letter dated 05 February 2021, to Deposit Money Banks, Non-Financial Institutions, other financial institutions, said dealing in Crypto currencies or facilitating payments for Crypto currency exchanges is prohibited.

The CBN directed all Deposit Money Banks, Non-Financial Institutions, other financial institutions to identify persons and or entities transacting in or operating Crypto Currency exchanges within their systems and ensure that such accounts are closed immediately.

CBN said it will severely sanction Banks and FI who do not obey the directive.

See below the letter from CBN to Deposit Money Banks, Non-Financial Institutions and other financial institutions.