CBN Shuts Down Cryptocurrency Exchange Bank Accounts (Details)

Date: 05-02-2021 2:19 pm (2 months ago) | Author: Abasiodu Sunday
- at 5-02-2021 02:19 PM (2 months ago)
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The Central of Bank of Nigeria’s (CBN) has sent out a directive shutting down cryptocurrency exchange bank accounts, according to multiple online reports.
According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank account of people trading in cryptocurrency.

The letter read;
Quote
“February 5, 2021

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 FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand 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.”






Social media users have since reacted negatively to the directive as many stated that the apex back is taking the country back to the stone age.

Posted: at 5-02-2021 02:19 PM (2 months ago) | Upcoming
- FloJoJo at 5-02-2021 03:45 PM (2 months ago)
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Crypto currency transaction is untrusted in most countries and critics should be ware of future scam.
Posted: at 5-02-2021 03:45 PM (2 months ago) | Upcoming
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- gogoman at 5-02-2021 04:43 PM (2 months ago)
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I want to hear from CBN first!! cos fake news and Naija na 5/6. but if this na true i go show una
Posted: at 5-02-2021 04:43 PM (2 months ago) | Addicted Hero
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- toitoi247 at 5-02-2021 05:15 PM (2 months ago)
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Quote from: gogoman on  5-02-2021 04:43 PM
I want to hear from CBN first!! cos fake news and Naija na 5/6. but if this na true i go show una

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Posted: at 5-02-2021 05:15 PM (2 months ago) | Newbie
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- nikiniki at 5-02-2021 07:02 PM (2 months ago)
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Anything that will liberate the poor masses from poverty is always frowned on in Nigeria.
Posted: at 5-02-2021 07:02 PM (2 months ago) | Gistmaniac
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