According to the release from the Central Bank of Nigeria (CBN) on Friday warned all local banks and all non-banking financial institutions to abstain from dealing in cryptocurrencies and other related transactions.
The statement with references BSC/MIR/GEN/LAB/14/001
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,
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 bank also warned that it would punish offenders that violate the information.
Please note that breaches of this directive will attract severe regulatory sanctions.
This letter is with immediate effect,
Signed by The two CBN Directors – Bello Hassan DIRECTOR OF BANKING SUPERVISION and
Musa I Jimoh DIRECTOR PAYMENTS SYSTEM MANAGEMENT DEPARTMENT
