What you should know about CBN cryptocurrency ban


Explainer: What you should know about CBN cryptocurrency ban

By Elizabeth Adegbesan

Experts in the financial sector of the economy have rolled out implications of the Central Bank of Nigeria’s, CBN directives on cryptocurrency.

The apex bank today directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The President Bank Customer Association of Nigeria (B AN) Dr. Uju Ogubunka,who spoke with Vanguard said that the CBN’s directive does not stop people from dealing in crypto currencies but they cannot make any transactions with cryptocurrency through the banking system.

He said: “Cryptocurrency is not the approved legal tender of Nigeria. The CBN approved the naira as the legal tender of the country. It is within the statutory procedure of CBN that the banks and financial institutions must operate.

“The CBN is not stopping Nigerians not to…

Source: Vanguard Newspaper