Godwin Bitcoin - CBN bans Cryptocurrency trading in Nigeria

Central Financial institution of Nigeria (CBN) introduced on Friday, fifth of February, 2021, that cryptocurrency change is prohibited within the nation.

Monetary establishments are additionally directed to shutdown accounts of anybody or entity transacting in or working crypto forex exchanges inside their methods.

In a press release signed by Bello HassanDirector of Banking Supervision; and Musa JimohDirector of Funds System Administration Division, the CBN mentioned: “Additional to earlier regulatory directives on the topic, the financial institution hereby needs to remind regulated establishments that dealing in crypto currencies or facilitating funds for cryptocurrency change is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to determine individuals and/or entities transacting in or working crypto forex exchanges inside their methods and be certain that such accounts are closed instantly.”

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crypto - CBN bans Cryptocurrency trading in Nigeria

Nigeria is reportedly the world’s 2nd largest Bitcoin buying and selling quantity. And the youths of the nation are very a lot invested in it.

Upon listening to the brand new coverage, numerous youths who’ve entry to social media, most particularly WhatsApp have voiced out their ache heartbreak and disappointment at such new improvement from CBN.


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