The Central Bank of Nigeria, CBN, has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in cryptocurrency or facilitating payments for crypto exchanges.
CBN disclosed this today in a letter to all DMBs, OFIs and NBFIs. The regulator noted that “breaches of this directive will attract severe regulatory sanctions.”
The circular signed by Director of Banking Supervision, Bello Hassan stated: “The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIRIGEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs). Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFls) and members of the pubic on the risk associated with transactions in crypto currency refers.
“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited.
“Accordingly, all DMBs, NBFIs and OFls are directed to identify persons and/or
entities transacting in or operating crypto currency exchanges within their systemsand ensure that such accounts are closed immediately.
“Please note that breaches of this directive will attract severe regulatory sanctions.
“This letter is with immediate effect.
