CBN bans crypto currency transactions, order banks to track, report donors, senders, receivers in Nigeria

February 5, 2021
4 Views

https://onlinenigeria.com/wp-content/uploads/2021/02/cbn-bans-crypto-currency-transactions-order-banks-to-track-report-donors-senders-receivers-in-nigeria-1.jpg

Banks and all financial institutions, local or international, may no longer transact exchanges in cryptocurrencies on behalf of their customers in Nigeria. And disregard for the order attracts heavy sanctions.

The Central Bank of Nigeria issued a statement to that effect Friday.

The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency refers.

“Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.”

The Apex bank ordered DMBs, OFIs, NBFIs, to identify persons and entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.

Cryptocurrency is a digital currency convertible to major foreign exchanges, and it’s mostly unregulated by central banks around the world.

This is the second time the apex bank will be taking such steps in about six months, and mostly during crisis when local agitators receive funding from supporters broad.

It first happened last October when the Feminine Coalition received millions of naira in crypto and other forex to fund the youth-led protest against police brutality.

A lone agitator, Sunday Adeyemo aka Igboho, has also been raking in funds from Yoruba supporters in the Diaspora.

Igboho is on a crusade to rid the southwest of criminal Fulani herders.

image

You may be interested

I Want To Have Three More Children Before I’m 30 – Davido’s Fiancee, Chioma Reveals (Video)
News
News

I Want To Have Three More Children Before I’m 30 – Davido’s Fiancee, Chioma Reveals (Video)

Webby - February 27, 2021

Chioma The beautiful fiancee of superstar singer Davido, Chioma, has revealed that she wants to have three more children before…

BREAKING: Four Shot Dead As Bandits Return To Kagara
News
News

BREAKING: Four Shot Dead As Bandits Return To Kagara

Webby - February 27, 2021

The community has been in the news since February 17, 2021, when armed gangs abducted staff and students of Government…

‘He Was On His Way To A Barber Shop’ – Tanko Yakasai Reveals How His Son, Salihu Was Arrested
News
1 views
News
1 views

‘He Was On His Way To A Barber Shop’ – Tanko Yakasai Reveals How His Son, Salihu Was Arrested

Webby - February 27, 2021

Tanko Yakasai A founding member of the Arewa Consultative Forum (ACF), Tanko Yakasai has confirmed that Salihu Tanko-Yakasai, his son…

Leave a Comment

Your email address will not be published.