Cryptocurrencies
Four Banks Fined in Nigeria for Allowing Crypto Transactions
- Access Bank, Stanbic IBTC fined over customer transactions
- Nigerians are trading crypto assets despite restrictions
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Nigeria’s central bank fined lenders for failing to comply with regulations that bar customers from transacting in cryptocurrencies.
The penalties are part of efforts by the central bank to ensure commercial lenders implement a February 2021 order to block trading in cryptocurrencies because of the threat that it says they pose to Nigeria’s financial system. In November, it ordered lenders to close the accounts of two individuals and a company for allegedly trading in the digital coins.