CBN Shuts Down Cryptocurrency Exchange Bank Accounts

"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 curencies 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 systemsand 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."

Osaretin Victor Asemota @asemota shared it on Twitter and wrote:

We went back to the stone age again.

https://twitter.com/asemota/status/1357647685801676802

A Twitter user, Futurist @nathaniel_luz, reacted:

My bank called me threatening to flag my account if I use it to transact further with crypto exchanges.

https://twitter.com/nathaniel_luz/status/1357648314016096256?s=19

Akon is building a City solely on Cryptocurrency

Nothing is working in this Useless country

Wicked Government

nooo naaa...i thought crypto currency is taking over...as an economist I'll surely analyse short run n long run reasons for this new policy..
I would like to know how positively it would improve d monetary policy of our economy and alos the effect it would have on our already weakened naira currency...

Oga

Can someone please explain the English above

They don't want us to win


So we win more

I have always said it that this government is run by insane people. How could you just wake up and make such a decision?

I won't blame them, next election, if you like collect 5000 you will get worse treatment.

Look at NIN, some idiot just woke up and made a decision without putting lots of things into consideration, so I arrive Nigeria now with no way to get a phone number. Many government decisions are never thought through.

We deserve better than what we are getting, Nigerians are smart people, we should never settle for less , mediocrity should not be an option when choosing leaders.

I apologize for being part of those that encouraged people to vote for Buhari during the first election, I encouraged over 80 of my employees in Lagos to vote for him, I thought he was the messiah. I later realized that this man really has nothing much to offer. Someone that thinks today is Monday

wow, what is happening in nigeria

T

.

That's what you get when cows are the ones leading you.

First was their shitty policy on FX which is making it hell on earth for online business owners and freelancers to recieve money from abroad to Nigeria, now it's banning transactions with crypto exchanges.

What kind of useless government is this for God's sake?

Omo ×1000

This country is gradually crawling back.

Even when the country is not helping her citizens, they also want to stop us from helping ourselves!

God help us.

Awon oloriburuku

Naija will frustrate you even when it's not giving you money

Backward country

Nawa o

For all your printing needs and packaging needs..... reach out to us via our siggy

People like Patricia go cry this year o.

It was high time the government ban crypto exchanges. It is one of the things killing our useless naira. People would rather store their funds in bitcoin and co. than to store it in naira.

Very wicked n heartless leaders!

A country with stone age leaders.
Bmc, Garbage Adamu, how market?

It is a pity.... As though crypto is a problem to our failing economy

Wow!
Let's watch.
I trust Nigerians.
There would always be another channel to do crypto.

Nice one

Naija, which way self? Una wan come block where man for d chop, shuu!!!

Likely reason:

1. They are trying to frustrate one A-list politician who is intending to sell his crypto currencies to fund 2023 campaign.
2. They want to monopolize the crypto market as they did to the dollars.
3. The brain behind this ban is either daft or he/she is a stark illiterate.
4. They want to render a section of the country financially powerless.

Either ways, this government is bent on destroying all contemporary advancement that we toiled hard to acquire.

Very demonic lots.

When you have wicked illiterate goats as leaders, why won't they frustrate citizens from making money through innovative legitimate means they don't understand....Meanwhile they steal our money everyday through illegal means..Awon oloshi.
.
The richest man in the world is investing and trading crypto currency. ...recently Elon Musk promoted Dogecoin by tweeting it on his page and people from all over the world made money from the uptrend of the coin that was generated through that sentimental analysis...I did too. Cos I sold my money stored in USDT to buy Dogecoin...in less than 24 hours...I made 50% of my money and cash out again by selling the Doge to buy USDT.
.
Most institutional investors in Europe and America, I'm talking of banks and corporate investor brokers are embracing crypto investment and moving their portfolios to buy and trade cryto.....even rich men in America and Europe, China are moving their investment stored in gold into cryptocurremcy..
It shall not be well with this government that is determined to plunge everyone into poverty...work no dey, business failing everyday cos government is not supportive....if you know what's up, govt directly or indirectly has hands in the collapse of MBaforex...and now they are frustrating crypto trading.
You see, if person no one do Yahoo cos u view it to be immoral, and u are also being frustrated from doing normal buying and selling of digital currency on the internet market...then maybe it's better for one to kuku resort to fraud or yahooyahoo... Useless government.!!!!!!!

Vendors won't make money again.

This is sad news though!!!