Central Bank of Nigeria (CBN) directs banks to close accounts of cryptocurrency traders
The apex bank gave the directive in a circular issued today February 5. The circular was addressed toall deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).
In January 2017, the CBN had in a statement released, described bitcoin, litecoin, and others as digital currencies used largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions and that such currencies are not accepted as legal tender in Nigeria.
Also in February 2018, the apex bank warned Nigerians against trading in such digital currencies, stating that should any transactions with such currencies collapse, they wouldn't be able to seek any redress.
The statement released today by Bello Hassan, the director for banking supervision, and Musa Jimoh, director of the payment system management department.
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