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

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

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

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.

Meanwhile, the Central Bank Of Nigeria declared that dealing in crypto-currency or facilitating payments for crypto-currency trading is now prohibited 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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