CBN orders banks to close cryptocurrency accounts

The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

It stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.

This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.

The circular was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department.

Accordingly, all Deposit money banks , NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

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