CBN Ordered Banks to Stop Crypto-Currency Exchange

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The Central Bank of Nigeria, CBN, has ordered banks and other financial institutions to close all accounts of customers doing transactions crypto or facilitating payments for crypto exchanges.

The highest bank disclosed this in a meeting on Friday afternoon to all DMBs, OFIs and NBFIs. 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 down immediately”, noting that “breaches of this directive will attract severe regulatory sanctions”.

Below is the letter issued out to all financial institutions in Nigeria;

A picture of the letter issued out By The Central Bank of Nigeria



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