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Central Bank of Nigeria reiterates ban on crypto currency

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By Azuka Christopher

FRI 05 FEB, 2021-theGBJournal- The Central Bank of Nigeria (CBN) has reiterated its ban on crypto currency transactions by regulated institutions.

Referencing its circular of January 12, 2017, in which deposit money banks (DMBs), non-bank financial institutions (NBFIs), other financial institutions (OFI) and members of the public were cautioned on the risk associated with transactions on crypto currency, the CBN Friday reminded regulated institutions that ‘’dealing in crypto currencies or facilitating payments for crypto currency exchanges are prohibited.’’

The apex bank consequently directed all DMBs, NBFIs and OFIs to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.

The CBN warned that ‘’breaches of this directive will attract severe regulatory sanctions.’’

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