The Central Bank of Nigeria (CBN ) warns financial institutions in case of facilitating crypto payments and other digital assets transactions.
The circular indicated that cryptocurrency transactions are forbidden within the country and involved regulated institutions will be subject to strict sanctions.
On the CBN site, the circular is available and distributed across regulated financial institutions, especially informing non-bank financial institutions, etc. that are facilitating payment transactions for cryptocurrency exchanges and individual accounts.
The CBN has already notified that Bitcoin, Ethereum, and all other virtual currencies are not legal in Nigeria and moreover, the involved institutions and banks are facilitating such transactions at their own risk.
A huge number of youngsters in Nigeria are taking advantage of cryptocurrency to avoid various challenges often they face in regular money transfer services like high transactions fee and slow banking processes.
Ban on cryptocurrency exchanges will highly suffer the running crypto brands across the country and would hinder the rising crypto market and young crypto enthusiasts.
