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Again, CBN warns financial institutions against crypto currency

Bassey Udo by Bassey Udo
February 5, 2021
in News
0
Police bust syndicate behind fake CBN investment scheme

The Central Bank of Nigeria (CBN) again on Friday warned commercial banks and other financial institutions to desist from dealing in crypto currencies.
The apex bank in a statement on its website quoted the CBN Director of Banking Supervision, Bello Hassan, and Musa Jimoh, Director of Payments System Management, described the currency as illegal.
Titled “Letter to All Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions” the letter reads:
“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 Ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs).
he It said that the warning was in furtherance of a 2017 circular which cautioned Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and members of the public on the risks associated with transactions in Crypto currency,
“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in Crypto currencies or facilitating payment of Crypto currency exchange is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons transacting in, or operating Crypto currency exchange within their systems and ensure that such accounts are closed immediately.
“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect,” the CBN said. (NAN)

Tags: CBNCrypto currencyNigeria
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Bassey Udo

Bassey Udo

Bassey Udo is a Journalist, Communication & Media Practitioner PERSONAL DETAILS DATE OF BIRTH: March 3, 1965 GENDER: Male NATIONALITY: Nigerian GSM: +234 802 313 7335; 07032308000 EMAIL: bassey.udo@gmail.com CONTACT ADDRESS: Plot 743 Coral Park Street, Lugbe CRD, Abuja, FCT 900128 A multiple award winning investigative reporter with specialised interest in Business & Economy, Energy & Power, Oil, Gas, Mining & Extractive Industry, Environment & Climate Change, etc. at various times for some of Nigeria’s elite newspapers and magazines, including Post Express, NewsAfrica magazine, Independent, 234NEXT and Premium Times. A member of the Nigerian Guild of Editors (NGE), Nigeria Union of Journalists (NUJ), Nigerian Institute of Public Relations (NIPR) and Society of International Law & Diplomacy (SILD). He is also a distinguished Alumnus of the U.S. International Visitors Leadership Programme (IVLP) 2017.

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