Nigeria’s bank regulator – Central Bank of Nigeria has ordered the immediate closure of all crypto currency accounts held by any banks in the country.
The CBN in a memo jointly signed by the Director of Banking Supervision, Bello Hassan and Director Payments Systems Management Department Musa Jimoh issued on Friday, the Central Bank of Nigeria in a ref FPR/DIR/CIR/06/010 dated January 12, 2017, cautioned Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and other members of the public on the risk associated with transacting in crypto currency.
The memo directed all DMB, NBFIs, and OFIs to identify all persons and or entities transacting or operating crypto currency exchanges within their systems and close such accounts are closed immediately.
The memo warned of dire consequences for any breach of the directive. “Please note that breaches of their directive will attract severe regulatory sanctions.”
Here is a copy of the memo:
