CBN denies instructing banks to restrict crypto accounts

The Central Bank of Nigeria (CBN) has denied instructing
banks to restrict cryptocurrency accounts.

In a post on X on Wednesday, CBN clarified that the circular
did not originate from the bank, urging the public to visit its official
website for “authentic updates”.

According to the circular, all deposit money banks (DMBs),
non-bank financial institutions (NBFIs), and other financial institutions
(OFIs) were directed to identify persons and entities transacting in
cryptocurrencies and ensure such accounts are put on post-no-debit (PND)
instruction for six months.

In February 2021, CBN issued a circular to deposit money
banks (DMBs), non-bank financial institutions (NBFIs), and OFIs to close
accounts of persons or entities involved in cryptocurrency transactions within
their systems.

The regulator further warned local financial institutions
against dealing in crypto assets or facilitating payments for crypto exchanges.