Nigerians react as the Central Bank of Nigeria bans cryptocurrency exchange in the country.

In a circular, making rounds on social media on Friday afternoon, and critically seen by Rayoonline, 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. “

Reacting to this, Twitter users have lambasted the Central Bank of Nigeria for banning banks from processing cryptocurrencies.

See reactions below, https://rayoonline.com/nigerians-blast-federal-government-as-cbn-bans-cryptocurrency/

Molan123:
Nigerians react as the Central Bank of Nigeria bans cryptocurrency exchange in the country.

In a circular, making rounds on social media on Friday afternoon, and critically seen by Rayoonline, 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. “

Reacting to this, Twitter users have lambasted the Central Bank of Nigeria for banning banks from processing cryptocurrencies.

See reactions below, https://rayoonline.com/nigerians-blast-federal-government-as-cbn-bans-cryptocurrency/

Breaking news, CBN has banned crypto in Nigeria. Below is the letter in written form

Central Bank OF NIGERIA

Banking Supervision Department

Central Business District

P.M.B. 0187 Garki, Abuja.

Tel:09-462-36401

E-mail: bsd@cbn.gov.ng

BSDIDIR/GENILAB/14/001

February 5, 2021

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/GENICIR/06/010 which cautioned Deposit Money Banks (DMBs).

Non Bank Financial Institutions (NBF1s), Other Financial Institubions (OFls) and members of the pubic on the risk associated with transactions in crypto cumency refers.

Further to earlier regulatory directives on the subject. the Bank hereby wishes to remind regulated institutions that dealing in crypto currencios or facilitating payments for cryptocurency exchanges is prohibited.

Accordingly, all DMBs, NBFls and OFls are directed to identifly persons andior entties transacting in or operating crypto currency exchanges within their systems and ensure that such accounts ara closed immediately

Please note that breaches of this directive will attract severe regulatory sanctions.

This letter is with immediate effect.

Yours faithfully

BELLO HASSAN

MUSALHMOH

DIRECTOR PAYMENTS SYSTEM

MANAGEMENT DEPARTMENT

DIRECTOR OF BANKING SUPERVISION

click to see pictures
https://www.deragists.com/2021/02/we-want-our-crypto-bank-cbn-nigeria.html?m=1

hat is your take on this? Should they revert their change? Do you think cryptocurrency is yahoo? Drop your opinion in comment section in that click to see more pictures which is my blog❤️

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