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BREAKING: CBN bans Nigerians from buying, selling Bitcoin, Crypto 

Posted By on February 5, 2021 0


The vital bank of Nigeria, CBN, on Friday, advised Deposit Money Banks (DMBs), different economic institutions (OFIs), Non-financial institution monetary institutions (NBFIs) and neighborhood economic institutions against having any transactions in crypto or facilitating bills for crypto exchanges.

The apex financial institution gave the directive in a letter to all DMBs, OFIs and NBFIs dated February fifth.

The circular signed by means of Director of Banking Supervision, Bello Hassan stated:

” The CBN round of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and individuals of the general public on the dangers associated with transactions in crypto currency refers.

“in addition to different regulatory directives at the challenge, the bank hereby needs to remind regulated institutions that dealing in cryptocurrencies or facilitating price from cryptocurrency exchanges is prohibited.”

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

ALSO READ: Two Killed As Police, Robbers alternate Gunfire In Ogun State

The Apex financial institution ordered DMBs, OFIs, NBFIs, to become aware of persons and entities transacting in or working crypto currency exchanges within their gadget and make sure that such debts are closed at once.

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