Breaking: CBN directs banks to close crypto currency account

-


The Central Bank of Nigeria, CBN, has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The  apex bank disclosed this today in a letter to all DMBs, OFIs and NBFIs. The regulator noted that “breaches of this directive will attract severe regulatory sanctions.”

The circular signed by Director of Banking Supervision, Bello Hassan stated:” The CBN circular of January 12, 2017 ref

FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions  in crypto currency refers.

“Further to other regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payment from cryptocurrency exchanges is prohibited.

“Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.”

Comments

Post a Comment

Popular posts from this blog

GOOD NEWS! JAMB reduces exam hours

-
Image
​ Candidates sitting for the Unified Tertiary Matriculation Examination (UTME) would from this year spend two hours instead of three hours to write the exam. Candidates sitting for 2017 UTME would spend two hours instead of three hours to write the exam. The Joint Admissions and Matriculation Board (JAMB), Registrar/Chief Executive Prof. Is-haq Oloyede, on Wednesday, March 29, stated this in Kaduna, during the opening ceremony of a strategic planning retreat on the monitoring, supervision and evaluation of 2017 UTME with the theme: “Inclusiveness and sensitisation of key external actors.” According to JAMB, a total of 240,000 candidates have so far registered for the examination which has been scheduled for May 20, barely one week after the commencement of the sale of forms which is expected to end on April 22. The organisation said the reduction of hours was in line with international best standards and practices where no candidate is kept in an examination such as UTME fo...
Read more