The apex bank has warned that financial institutions who breach this directive would face severe sanctions.

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and other financial institutions to close accounts of persons who are using their systems for cryptocurrency trading.

A cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

Trading with Bitcoin--a cryptocurrency type--has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin and making profit for themselves.

But the apex bank is clearly not a fan of digital currencies.

In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: "Further 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 exchange is prohibited.

CBN Governor, Godwin Emefiele. [guardian]
"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."

The CBN also declared that breaches of its directive will attract severe regulatory sanctions.

CBN has never liked cryptocurrency

It is not the first time that the CBN would be showing its disdain for cryptocurrency. In 2018, the apex bank issued a circular to say cryptocurrencies are not legal tenders in Nigeria.


"For the avoidance of doubt, dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law. Virtual currencies are traded in exchange platforms that are unregulated, all over the world.

The Bitcoin (Business Insider)
"Consumers may therefore lose their money without any legal redress in the event these exchangers collapse or close business.

"Members of the public are hereby warned that virtual currencies are not legal tender in Nigeria. Accordingly, we wish to caution all and sundry on the risks inherent in such activities," the 2018 statement had read.

Other types of cryptocurrencies are Ethereum, Litecoin, Polkadot, Chainlink, Binance coin, Tether etc.

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Una eyes go clear.

- Southern youths that brought these medieval things to come and continue the poverty-stricken existence the same way they did in the 80s.


Allow your alliance, stoogies


. Before you quote me to say thrash, the richest man on the planet deals in varieties of cryptocurrencies and got to his present ascent on the background of e-commerce eccurencies.



Enjoy the devils you brought to power.



... Btw there are ways to defeat the rule. If they like, like them use tee square to make the line abi na rule " straighter ". Men wey sabi, sabi.


Our generation created the Web. It's our ownership and can never be used to defeat us. Never!

Someone will still wake up from sleep one day and ban us from walking