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28th February 2021
LOCAL NEWS

Crypto Currency Trading In Nigeria Is Prohibited-CBN Warns

The apex bank also reminded Institutions that crypto currency trading is still prohibited in the country, pointing to the letter dated 2017.
Crypto Currency Trading In Nigeria Is Prohibited CBN Warns

The Central Bank of Nigeria (CBN), has warned Financial Institutions and other Non-Financial Institutions about the risks associated with trading in Crypto currency.

The apex bank also reminded Institutions that the trading is still prohibited in the country, pointing to the letter dated 2017 to all Financial and Non-Financial Institutions on the matter.

CBN in a reminder issued on Friday 5th February 2021, by both the Director of Banking Supervision, Bello Hassan and the Director of Payment System Management Department, Musa Jimoh, said regulated institutions dealing in Crypto currencie or facilitating payments for crypto currency exchange is prohibited.

The statement by the CBN reads:

“The CBN circular of January 12th 2017 which cautioned Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs) Other Financial Institutions (OFIs) and members of the public on the risk associated with transaction 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 exchange is prohibited.

Accordingly, all DMBS, NBFIS and OFIs are directed to identify persons and or entities transaction operating crypto currency exchange 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 within immediate”.

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