CBN Bans Crypto Buying, Selling

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The Central Bank of Nigeria, CBN, on Friday, instructed Deposit Money Banks (DMBs), other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank gave the directive in a letter to all DMBs, OFIs and NBFIs dated February 5th.

The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency refers.

“Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.”

CBN warned that a breach of this directive will attract severe regulatory sanctions.

The Apex bank ordered DMBs, OFIs, NBFIs, to identify persons and entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.

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