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Breaking: Nigerian FG Ban the buying and selling of Bitcoin, cryptocurrency and the rest

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Breaking: Nigerian FG Ban the buying and selling of Bitcoin, cryptocurrency and the rest

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/CIRJ06/010 which cautioned Deposit Money Banks (DMBs). Non-Bank Financial Institutions (NBFIs).

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Other Financial Institutions (OFIs) and members of the pubic on the risk associated with transactions in cryptocurrency refers.


Further 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.

Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges 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.

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