{"id":414,"date":"2021-02-06T07:14:24","date_gmt":"2021-02-06T07:14:24","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=414"},"modified":"2021-02-06T07:14:24","modified_gmt":"2021-02-06T07:14:24","slug":"cbn-prohibits-cryptocurrency-in-nigeria","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/cbn-prohibits-cryptocurrency-in-nigeria\/","title":{"rendered":"CBN Prohibits Cryptocurrency In Nigeria"},"content":{"rendered":"<h6><span style=\"color: #ff0000;\"><strong>The Central Bank of Nigeria (CBN), on Friday, February 5, 2021, issued a stern warning to banks across the country over transactions relating to cryptocurrency.<\/strong><\/span><\/h6>\n<p>&nbsp;<\/p>\n<p>In a memo addressed to Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and members of the public, the apex bank ordered financial institutions across the country to persons and entities transacting or operating in cryptocurrency exchanges.<\/p>\n<p>&nbsp;<\/p>\n<p>The circular signed by Director of Banking Supervision, Bello Hassan stated: \u201dThe CBN circular of January 12, 2017, refFPRIDIRGENT R\/06\/010 which DMBs, NBFIs, and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"415\" data-permalink=\"https:\/\/mydailybells.com.ng\/businessbells\/cbn-prohibits-cryptocurrency-in-nigeria\/etdoo6cwyauohot\/\" data-orig-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?fit=1071%2C1232&amp;ssl=1\" data-orig-size=\"1071,1232\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Etdoo6cWYAUOhOT\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?fit=890%2C1024&amp;ssl=1\" class=\"aligncenter size-full wp-image-415\" src=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?resize=1071%2C1232&#038;ssl=1\" alt=\"\" width=\"1071\" height=\"1232\" srcset=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?w=1071&amp;ssl=1 1071w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?resize=261%2C300&amp;ssl=1 261w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?resize=890%2C1024&amp;ssl=1 890w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/02\/Etdoo6cWYAUOhOT.jpg?resize=768%2C883&amp;ssl=1 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>\u201cFurther to another regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cAccordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and \/or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN), on Friday, February 5, 2021, issued a stern warning to banks across the country over transactions relating to cryptocurrency. &nbsp; In a memo addressed to Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and members of the public, the apex bank ordered financial institutions across [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8,15],"tags":[28,232,111,231],"class_list":["post-414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business-news","tag-cbn","tag-cryptocurrency","tag-nigeria","tag-prohibits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBN Prohibits Cryptocurrency In Nigeria &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, 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