CRYPTOCURRENCY: CBN orders banks to close customers accounts

By Eyo Nsima

The Central Bank of Nigeria, CBN, has ordered financial institutions to close all Cryptocurrency-related accounts in Nigeria.

According to the CBN, such accounts remain illegal in Nigeria, and consequently would not be allowed to operate.

An investigation by The Daily, www.thedaily-ng.com, indicated that the banks have initiated actions, targeted at closing such accounts nationwide.

For instance, in a message to its customers, First Bank of Nigeria stated: “Further to its earlier directives that dealing in Cryptocurrencies or facilitating payments for Cryptocurrency exchanges is prohibited, the Central Bank of Nigeria (CBN) has written the letter: BSD/DIR/GEN/LAB/14/001 dated 5 February 2021, to direct that all banks, non-bank financial institutions, and other financial institutions should identify persons and/or entities transacting in or operating Cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“In line with the Central Bank of Nigeria directives, please be informed that any account identified as transacting in or operating Cryptocurrency exchanges within our system will be closed accordingly.”

It added: “We assure you of our continued support as we thank you for banking with us.”