Nigeria: Central Bank of Nigeria adopted Circular ref. BSD/DIR/PUB/LAB/014/001 on ordering banks to close operating accounts related to cryptocurrency trading
Description
Central Bank of Nigeria adopted Circular ref. BSD/DIR/PUB/LAB/014/001 on ordering banks to close operating accounts related to cryptocurrency trading
On 5 February 2021, the Central Bank of Nigeria (CBN) issued the Circular ref. BSD/DIR/PUB/LAB/014/001 ordering all all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and Other Financial Institutions (OFIs) to close accounts of…
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Prohibition of goods and services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
executive
Government Body
central bank