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CBN reiterates crypto currency transactions ban in financial institutions

The Central Bank of Nigeria (CBN) has directed all financial institutions to close all crypto currency accounts they run. The apex bank, in a statement on Friday signed by the Director, Banking Supervision, Bello Hassan and the Director, Payments Systems Management Department,  Musa I. Jimoh, said any breach of this directive will attract sanctions on the financial institution.

The statement said: “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 other members of the public on the risk associated with transactions in crypto currencies refers.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments to crypto currency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in 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.”

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