Nigeria’s apex bank prohibits banks from facilitating cryptocurrencies payments

By Chioma Obinagwam

Nigeria’s apex bank- the Central Bank of Nigeria (CBN) has directed banks in the country to stop dealing in cryptocurrencies.

This was disclosed in a statement issued by the bank on its official website on Friday.

The CBN also prohibited all financial institutions from facilitating crypto currency payments in the country.

“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 is prohibited,” it warned in the statement.

The directive, the bank revealed, which concerns all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and other financial institutions (OFIs) would attract severe sanctions if breached.

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