*Nigerian Banks Begin Deactivation Of Accounts Involved In Any Cryptocurrency Transaction.*

Nigerian banks, on the order of the Central Bank of Nigeria, have started blocking accounts of customers involved in crypto transactions.

This is a follow up on the CBN's ban of cryptocurrencies five days ago.
TechCabal, on Thursday, reported that Access Bank, First Bank, and GTBank have started shutting down accounts of customers who trade cryptocurrencies and other related transactions.
One of the Nigerians affected by the wave of account deactivation, James Chijindu, told TechCabal that he only noticed Access and GTBank blocked his account when he could not transact with his credit cards.
He said his First Bank account was also not responsive.
The publication reported that there was no prior notice given to Mr. Chijindu by either of the banks but GTB told him that his account was blocked based on ‘a federal government directive’ to commercial banks to stop facilitating cryptocurrency transactions in Nigeria.
It was learned that Mr. Chijindu had used only his Access bank account to trade Bitcoin, but a link with BVN could possibly exposed customers’ account details in other banks.
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Access bank said it reviewed the customer’s account activities and “observed that transactions therein have been linked to cryptocurrency trading.”
“Due to the unregulated nature of cryptocurrency trading and the further directive from the CBN, we are unable to serve as your organisation’s financial partner going forward. We have therefore proceeded on the closure of your account and a draft will be issued to you for the equivalent sum in your account”, TechCabal quoted Access bank to have stated in an email to Mr. Chijindu.
A Twitter user, @Dumbgenius_ng, also tweeted complaining of a similar shutdown by UBA.
He said, “So I heard @gtbank have started closing accounts of people that have bought crypto with their GTB accounts before. A friend just confirmed the same with @UBAGroup ….. Anyways, until I am sure of whatever that is going on”
Peoples Gazette reported that Access Bank, UBA, First Bank, and GTBank could not be reached for comments on the development.
Amid Nigeria's ban, trading in Bitcoin and other cryptocurrencies have skyrocketed in the past few weeks as the global economy becomes increasingly volatile.
In January 2017, CBN had said digital currencies such as bitcoin, litecoin, and others are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.
It had also said that such currencies are not accepted as legal tender in Nigeria.

In February 2018, the apex bank also issued a warning to people who invest in cryptocurrencies, saying they would be unable to seek legal redress in the event of collapse because they are not protected by the law.
“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” the circular to financial institutions in Nigeria signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department, read.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
The apex bank noted that disobedience to the directive will attract severe sanctions.
Reactions have trailed the apex bank’s decision with prominent Nigerians including some current senators and former vice president Atiku Abubakar urging the CBN not to outrightly ban cryptocurrencies and other related transactions.

Social media influencer Japheth Omojuwa also said “this letter, if it stands, will literally kill Nigerian companies
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Na wa oo

Misplaced priorities. Not to worry, we'll carry out Crypto buying and selling with physical cash exchange


Fulani Goverent without rightful thinking

Ok