Central Bank of Nigeria prohibits banks from servicing crypto exchanges

Central Bank of Nigeria prohibits banks from servicing crypto exchanges

February 5, 2021 0 By boss


Central Bank of Nigeria prohibits banks from servicing crypto exchanges
Central Bank of Nigeria prohibits banks from servicing crypto exchanges

The Central Bank of Nigeria has banned commercial banks and all licensed financial institutions from providing account services to crypto exchanges.

This announcement was contained in a circular released by CBN on Friday, according to notice, CBN had earlier warned all banks of the possible risks associated with virtual currencies. 

As part of the restriction, CBN had instructed all commercial banks to close accounts belonging to crypto exchanges alongside businesses transacting in cryptocurrencies in the country. 

circular from cbn
circular from cbn

The CBN also warned that banks that refuse to comply with these strict penalties will have themselves to blame



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