The Central Bank of Nigeria has ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions to stop forthwith.
In a circular seen on Friday afternoon, the Nigerian bank regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately. “
The CBN has been long taken a hardline position against cryptocurrencies, which have become a major unit of commerce across the world in recent years.
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