The Central Bank of Nigeria has directed all financial institutions to close accounts of customers who use their systems for cryptocurrency trading.
The apex bank ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”
The virtual or digital currency that appreciates or depreciates on the whims of market forces has gained grip globally and in Nigeria lately.
In 2020, crypto marketplace Paxful reported that Nigeria had the world’s second-largest Bitcoin by trading volume.
