The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud. A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, […]
Central Bank of Nigeria (CBN) circular sent to commercial banks and other financial institutions surfaced online yesterday. Below is a concise explanation as to what the circular meant and why the CBN issued it. Cryptocurrencies over the years have gained popularity. The birth of bitcoin, the most valuable crypto, rose significantly four years ago. The […]
The Central Bank of Nigeria has shut Down Cryptocurrency Exchange Bank Accounts. The memo dated “February 5, 2021 Reads – 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 […]