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CBN Bans Cryptocurrency In Nigeria, Orders Banks To Block Accounts Of Nigerians Trading Bitcoin

CBN Bans Cryptocurrency In Nigeria, Orders Banks To Block Accounts Of Nigerians Trading Bitcoin

Updated on: February 7, 2021

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CBN Bans Cryptocurrency In Nigeria.

Central Bank of Nigeria has made a move to stop the trading of Cryptocurrency in the country.

READ ALSO: How To Check BVN Code Number Online (To All Banks)

In a circular sent by the Director Of Banking Supervision, Bello Hassan to all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial institution the CBN said there are risk associated with transactions in crypto currency.

READ MORE: How to Hack a Bank Account in Nigeria

Meanwhile, the Central Bank Of Nigeria declared that dealing in crypto-currency or facilitating payments for crypto-currency trading is now prohibited in Nigeria. CBN Bans Cryptocurrency In Nigeria, Orders Banks To Block Accounts Of Nigerians Trading Bitcoin.

READ MORE: How to Do a Fake Bank Alert in Nigeria

However, Banks have been ordered to check their system and identify the accounts of people who have transacted cryto-currency in the past and block their accounts with immediate effect.

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