Sunday, June 26, 2022

CBN Reaffirms Its Crypto Ban On Financial Institutions

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CBN: The Central Bank of Nigeria in its statement today 5th February 2021, reaffirmed its ban on all financial institutions, Non- Financial institutions and Deposit Money Bank (DMBs) and Non- Deposit Money Banks and other institutions that its ban on transaction using cryptocurrencies is still in effect.

The Instituiton cited how dangerous the platform is as one of the prerogative why the ban was imposed.

The CBN warned that any of the above found defaulting will have to answer to the wrath the law.

This directive is contrary to what other countries who are venturing into the monetary system are doing.

The image below shows its the statement and its warnings as well as those concerned.

What are you thoughts on this restriction, leave your comments on the comment section for us.

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