Some bad news for investors of cryptocurrency in Nigeria as with immediate effect, account for persons and entities dealing in cryptocurrency are to be closed.
This directive was handed down in a circular by the central bank of nigeria, cbn and signed by the directors of banking supervision as well as the payment systems management department to all deposit money banks, dmbs, non banking financial institutions and other financial institution.
In the circular, institutions were warned that failure or breaches of the direction to identify and close cryptocurrency exchanges accounts will attract severe regulatory sanctions.
This is not the first time the cbn has cautioned on the adoption of cryptocurrency as in 2017 a memo was also issued to the public cautioning on the adoption of the currency
What will become of the funds in the cryptocurrency accounts is yet to be seen however By this new directive financial institutions were reminded that dealing on cryptocurrency or facilitating its exchange is prohibited in Nigeria
[…] African country with the largest presence in cryptocurrency trading, Nigeria, just recently banned all financial institutions from transacting in any form of cryptocurrency or face stiff […]
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