Wednesday, May 31, 2023

CBN orders banks, other financial institutions to close all crypto currency accounts

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Rayyan Alhassan
Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via, or, or @Rayyan88 on Twitter.
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The Central Bank of Nigeria, CBN, has directed all Deposit Money Banks, DMBs, Non-Bank Financial Institutions, NBFIs, and Other Financial Institutions, OFls, to close the accounts used for cryptocurrency operations.

The CBN in a circular BSD/DIR/GEN/LAB/14/001 issued on Friday, ordered all financial institutions “to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately”.

Any financial institution that breaches this directive the CBN warned, “will attract severe regulatory sanctions”.

According to the CBN, “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited”.

The circular signed by Bello Hassan, Director of Banking Supervision and Musa I Jimoh Director, Payments System Management Department said the order is to take immediate effect.

They also said the apex bank had in the past “cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFls) and members of the pubic on the risk associated with transactions in crypto currency refers”.

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