CBN Instructs Banks In Nigeria To Close All Accounts Of Cryptocurrency Traders

The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to close all the accounts of cryptocurrency traders.

This was contained in a letter from the central bank to all the banks in Nigeria which is signed by the Director of Banking Supervision, Bello Hassan.

This comes after the CBN initially cautioned these banks and the general public on the risk associated with transactions in cryptocurrency.

According to the central bank, cryptocurrency exchange in Nigeria now prohibited adding that accounts of traders who deal in cryptocurrency should be closed.

It added that any bank or financial institution that breaches this directive will face severe consequences.

Read the letter below;