CBN Bans Cryptocurrency Transactions In Nigeria. Nigerians have reacted following the ban of cryptocurrency exchange bank accounts across the country.
This came after The Central of Bank of Nigeria’s (CBN) reportedly sent out a directive to shut down cryptocurrency exchange bank accounts.
This means access to crypto transactions linking to banks account, buying crypto with debit cards and withdrawing crypto to bank accounts has been banned.
According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank account of people trading in cryptocurrency.
The letter read; “February 5, 2021. LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS
The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.
Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.
NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier 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.”
Social media users have since reacted negatively to the directive as many stated that the apex back is taking the country back to the stone age.
See some reactions from Nigerians below and drop your comment:
If this crypto Agenda works
If police stops you and see any crypto app on your phone, it’s over o
We better not sleep on this
— Roviel 😏 (@ObongRoviel) February 5, 2021
Reason 50465428438558468 to leave Nigeria.
— Arákùnrin Àlàó Aríṣekọ́lá (@Great_Kamil) February 5, 2021
Lol just yesterday I download binance to start crypto trading and then CBN is saying wan thing ???
— Tommyk of Lagos🔌 (@thetommyk_) February 5, 2021
My children shouldn’t come into this country !
I must work hard and be successful before bringing them to this world.
By the Grace of God, this country will not kill me before then.
— O M O T O L A (@He_literate) February 5, 2021
This Crypto ban will affect everyone one way or the other.
— Mazi Ibe (@MaziIbe_) February 5, 2021