The Central Bank of Nigeria (CBN) has warned commercial banks and other
financial institutions to desist from dealing in crypto currencies as it
is illegal.
The apex bank stated this on Friday in a statement on its official
website by Mr Bello Hassan, Director of Banking Supervision and Mr Musa
Jimoh, Director of Payments System Management.
It said that the warning was in furtherance of a 2017 circular which
cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions
(NBFIs) Other Financial Institutions (OFIs) and the public about
inherent risks in such transactions.
“Further to earlier regulatory directives on the subject, CBN hereby
wishes to remind regulatory institutions that dealing in crypto
currencies or facilitating payment of crypto currency exchange is
prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons
transacting in, or operating crypto currency exchange within their
systems and 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,” the CBN
said. (NAN)