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CBN has directs banks to close accounts of group or individual involved in cryptocoins transactions within their systems.

This was made known in a circular dated 5th February 2021 distributed to deposit money banks, non-bank financial institutions, and other financial institutions.

“Moving on 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 signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department, read

In January 2017, you will recall that Central Bank of Nigeria said digital currencies such as bitcoin, litecoin, Ethorum and others are largely used in financing terrorism and money laundering, considering the anonymity of virtual transactions.

Furthermore, in February 2018, the Central Bank of Nigeria said people who invest in cryptocurrencies do so at their own risk because they are not protected by any of the law in Nigeria.

Then in 2020, Cryptocurrency was used to fund the #EndSars protest, you can recall that money was used initially to fund the protest but major accounts was banned so Jack appealed for support through a particular Cryptocurrency wallet to fund the #EndSars protest.

See the Shocking Reason CBN Directs Banks to Close Cryptocoins Accounts

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