By Nigerians who trade cryptocurrencies might have to source for alternative transaction mediums.
The Central Bank of Nigeria, on Friday, ordered banks and other financial institutions to close customer accounts used in trading cryptocurrencies and other related transactions.
The apex bank, in a circular circulating on social media, 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 in 2017 had said it would not licence cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, amongst others, and any transactions conducted through them would not have the protection of the Nigerian law.
