Photo source: All Africa
Nigeria’s Central Bank (CBN) has advised local financial institutions to avoid having crypto-payments or facilitating payments for crypto-exchanged transactions by deposit money banks (DMBs), other finances and non-bank financial institutions (NBFIs).
The Apex bank today revealed this to all DMBs, OFIs and NBFIs in a letter. The regulator noted that ‘violations of this directive would impose serious regulatory penalties.’
The circular signed by Director of Banking Supervision, Bello Hassan stated that 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 cryptocurrency refers.
“Accordingly DMBs, OFIs, NBFIs are advised to identify persons and /or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”
Data Source: Vanguard News Nigeria
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