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BREAKING: Nigeria Ban Cryptocurrency, Directed To Fish out Operators
Nigerian apex financial institution, Central Bank, is set to do away with activities of Cryptocurrency in the country, threatened operating firms, and members of the public.
A circular sighted by Scannews24 dated 5 February 2021 with reference code BSD/DIR/GEN/LAB/14/001 prohibited all deposit money banks, non-bank financial institutions and Other Financial institutions of risk associated with crypto currency transactions.
The circular referred to an early letter drafted 12 January 2017 cautioning enlisted institutions of the dangers.
The statement signed by CBN Director of Payment Systems, Bello Hassan, Director of Banking Supervision Management Department, Musa I. Jimoh, directed all DMBs, NBFIs and OFls to make available names of individuals and firms dealing in Cryptocurrency.
However, it threatened to sanction all mentioned institutions if they fail to adhere to the regulation.
The order takes immediate effect.
Meanwhile, the viral circular has since sparked controversy amongst Nigerians describing the decision as insensitive.
We understand a majority of the youths are presently involved in financial activity and hope this regulation does not spike another nationwide protest.
Reacting, a Twitter client, @_sirwillian_ said the government made economy difficult for young people to deal on dollars and responded making Cryptocurrency largest market in Africa.
Nigeria again replied by prohibiting the financial dealings legally. Read TWEET