Buhari loves Cattle-currency not crypto-currency -Reactions as CBN orders closure of cryptocurrency accounts


Nigerians react differently to the Central Bank of Nigeria directives, asking banks to close accounts of persons and entities who perform cryptocurrency transactions within the system.

Central Bank announced in a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) today, Friday.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” the circular signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department.

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

The Apex bank warned that disobedience to the order would lead to severe sanctions.

See some reactions below;

CBN passed this directive following the announcement by the crypto market place Paxful that Nigeria is the world’s second-largest Bitcoin trading country, second to the United States of American.

Reports have it that Nigerians, the youths, in particular, have carried out up to 60,215 Bitcoins, equivalent to $566 million.

In defense of the new directive, CBN cited the use of Bitcoin, Litecoin, and other virtual currency to finance terrorism and money laundering since the transactor remains anonymous.

It has revealed that such currencies do not have legal tender in the country.

Post a Comment