By Victory Oduneye
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.
Disclosing this in a statement recently released by the Bank, it recalled that an earlier caution on the subject matter has been given in a circular released on the 12th of January 2017.
However, CBN further cautioned Institutions and members of the pubic on the risk associated with transactons in crypto currency refers.
Regarding the earlier regulatory directives on the subject, the Bank thereby reminded regulated institutions dealing in crypto currencies or facilitating payments for cryptocurrency exchanges that it is prohibited.
In addition, the apex bank warned that breaches of this directive will attract severe regulatory sanctions, and the directive should be carried out with immediate effect.