Nigeria’s central bank moves to prohibit Bitcoin and cryptocurrencies

Nigeria’s central bank moves to prohibit Bitcoin and cryptocurrencies

The Central Bank of Nigeria (CBN) reminded financial service businesses that dealing with cryptocurrency is prohibited. The letter, signed by Director Bello Hassan, warned of severe regulatory sanctions for those failing to meet the directive.

Hassan says monetary service providers must identify on/off ramping and immediately close accounts associated with the action.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.”

This, the bank believes, is necessary to protect against the risks related to cryptocurrency.

Nigeria is Africa’s biggest cryptocurrency market

Dealing in or trading cryptocurrency in Nigeria is not illegal. However, the CBN does take a dim view of the private digital currency sector.

In 2018, they issued a statement saying cryptocurrencies are not recognized as legal tender. What’s more, they warned that there is no come back should things go wrong.

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