Cryptocurrencies
Nigeria Central Bank Orders Cryptocurrency Accounts to Close
- Transactions on cryptocurrency exchanges are prohibited
- Central bank directive warns of ‘severe regulatory sanctions’
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Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.”
Failure to comply with the directive will result in “severe regulatory sanctions,” according to a circular sent to financial institutions on Friday and published on the central bank’s website.