Connect with us

Hi, what are you looking for?

Business

Central Bank Of Nigeria Bans Crypto Currency Exchange

The Central Bank of Nigeria on February 5, 2021, released a statement signed by the Director of Banking Supervision Bello Hassan and the Director of Payments System Management Department Musa I. Jomoh, prohibiting financial institutions in Nigeria from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange.

Meaning all trading of cryptocurrency in Nigeria has been banned, as all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions have been directed to identify persons and/or entities transacting in or operating cryptocurrency exchange within their systems and ensure that such accounts are closed immediately. The statement added that “breaches of this directive will attract severe regulatory sanctions.”

RELATED :  Unemployed Man With 2 Degrees Begs for Job on Street

Although the reason for this ban is still unknown, Nigerians have taken to social media to express their disapproval with the #WeWantOurCryptoBack as trading of cryptocurrency is a means of livelihood for many young people.

This article was originally written on BellaNaija

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More Stories

Education

The VC disclosed that the institution will give a 50 per cent refund of school fees to students with a cumulative grade point average...

Entertainment

Popular Nigerian singer, Bella Shmurda, has offered to change the life of the young boy who went viral for passionately singing his song. The...

News

Mrs Suleiman, a hostel manager in charge of a female hostel at the Old College of the University of Ilorin, allegedly slapped a student...

News

A former governor of Lagos State and Minister of Works and Housing, Babatunde Fashola, has urged state governors to enact laws to make mandatory...

Advertisement