By AAT
The Nigerian apex bank, Central Bank of Nigeria, (CBN) has today banned Nigerians from trading in bit coins and Crypto-currencies.
This was contained in a letter signed by Mr. Bello Hassan, Director of Banking operations, and Musa Jimoh, Director Payments systems management department to all deposit money banks, non-bank financial institutions and other financial institution on Friday, February 2, 2021 urged all DMB’s, NBFI and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.
“The Central of Bank of Nigeria’s (CBN) circular of January 12,2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks(DMBs),Non-Bank Financial institutions(NBFIs),other financial Institutions(OFIs) and members of the public 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 dealings in crypto currencies or facilitating payments for crypto-currency exchange in prohibited”.
The letter is for immediate action.