The Apex bank in the African most populous Nation Central Bank Of Nigeria (CBN) have directed all Commercial banks to henceforth stop facilitating all Cryptocurrency related transactions.
In a memo made public and obtained exclusively by IYKEMAN.com, the CBN said that the directive is total and takes immediate effect.
The statement read in part;
“dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. As such, all banks should identify persons and/or entities transacting with cryptocurrency or operating crypto exchanges on their platforms and ensure that such accounts are closed immediately. Any breaches of the order would face “severe regulatory sanctions,” the order states.
Read the memo here;
What you should know.
The central bank order was signed by Mr. Bello Hassan, the Director of Banking Supervision, and was dated Feb. 5. This is the first time the CBN is making an open Memo to the commercial banks in the country and analysts are already kicking against the policy saying it would make regulatory duties more tedious for the Apex bank.
Follow and like Iykeman for more updates as it unfolds.
