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CBN Bans Cryptocurrency Trading In Nigeria

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CBN Bans Cryptocurrency Trading In Nigeria

The apex bank has advised that financial institutions who break this command would face severe sanctions.

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading.

A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

Trading with Bitcoin–a cryptocurrency type–has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin, and making a profit for themselves

But the apex bank is not a fan of digital currencies.

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In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for a cryptocurrency exchange is prohibited, aso Naija gathered

It was said that CBN never liked cryptocurrency.

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