Nigeria’s Central Bank Orders Banks to Close Accounts of All Crypto Users
5 Feb, 2021•Regulation
The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies.
The CBN said it was reminding regulated banking institutions that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited." As such, all banks should "identify persons and/or entities" transacting with cryptocurrency or operating crypto exchanges on their platforms and "ensure that such accounts are closed immediately." Any breaches of the order would face "severe regulatory sanctions," the order states. The CBN letter is signed by Bello Hassan, Director of Banking Supervision, and dated Feb. 5.