Nigeria's Central Bank Orders Banks to Close Accounts of All Crypto Users

Any breaches of the order would face "severe regulatory sanctions," the central bank warned.

AccessTimeIconFeb 5, 2021 at 2:52 p.m. UTC
Updated Sep 14, 2021 at 12:07 p.m. UTC

The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies.

  • The CBN said it was reminding regulated banking institutions that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited."
  • As such, all banks should "identify persons and/or entities" transacting with cryptocurrency or operating crypto exchanges on their platforms and "ensure that such accounts are closed immediately."
  • Any breaches of the order would face "severe regulatory sanctions," the order states.
  • The CBN letter is signed by Bello Hassan, Director of Banking Supervision, and dated Feb. 5.

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