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CBN halts Cryptocurrency Transactions by Nigerian Banks

CBN halts Cryptocurrency Transactions by Nigerian Banks

Business, News
Nigeria's apex banking regulatory body, the Central Bank of Nigeria, CBN, in a circular dated 5th February 2021, warned financial institutions in the country to stop all transactions involving cryptocurrency. As a result, all banks, trading institutions and related entities are now prevented from attending to transfers, trade or exchanges involving cryptocurrency and are mandated to close all accounts related to crypto transactions. However this is not the first time the CBN has placed restrictions on bitcoin trade, in 2007 , the Central Bank of Nigeria “officially outlawed digital currencies.” citing reasons like money laundering and terror financing to prohibit banks to use, hold or transact virtual currencies, and they should ensure “existing customers that are virtual cur...