CBN forbids banks from crypto currency transactions

CBN boosts diaspora remittances

CBN governor, Godwin Emefiele

 

The Central Bank of Nigeria (CBN), has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) in the country against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank disclosed this Friday 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 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.

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“Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from crypto currency exchanges is prohibited.

“Accordingly, all DMBs, OFIs, NBFIs, are advised to identify persons and/or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.”

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