Nigerians react to the directives by the apex bank to shut cryptocurrency accounts
The Central Bank of Nigeria (CBN) in a circular has directed Deposit Money Banks, Non-Financial Institutions, other financial institutions to desist from doing business in Crypto and other digital assets.
In the circular, signed by the Director of banking supervision, Bello Hassan, and Director, Payment System Management department, Musa Jimoh the apex bank reminded the financial institutions about the circular of January distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges. The Apex bank further warned the Nigerian Stakeholders that any breach on this directive will attract serious regulatory sanctions.
Here are some reactions from Nigerians: