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CENTRAL BANK OF NIGERIA BANS ALL TRANSACTIONS IN CRYPTO CURRENCY
[ 🆔 A Cryptocurrency Is A Digital Currency That Can Be Used To Buy Goods And Services Online ]
LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL
INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS
The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPRDIRGENICIRI6/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIS) and members
of the pubic 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 dealing in crypto currencies or facilitating payments for crypto currency exchanges is prohibited.
Accordingly, all DMBs, NBFIs and OFls are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.
Please note that breaches of this directive will attract severe regulatory sanctions.
This letter is with immediate effect.
Yours faithfully
BELLO HASSAN
DIRECTOR OF BANKING SUPERVISION
MUSA.L JIMOH
DIRECTOR PAYMENTS SYSTEM
MANAGEMENT DEPARTMENT
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