Central Bank Of Nigeria Bans Cryptocurrency

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has banned cryptocurrency in Nigeria, and has ordered deposit-taking banks and financial institutions in the country to shut down accounts that do transactions in cryptocurrency. In a circular made available to financial institutions on Friday, February 5, 2021, CBN warned that institutions that fail to comply with the directive, will face “severe regulatory sanctions.’’

It will be recalled that in September, 2020, Nigeria’s Securities and Exchange Commission noted that it would regulate the trade in digital currencies in other to protect investors and make room for transparent transactions.

Source

Bloomberg

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