Tag: Crypto-currencies

CBN bans crypto bank account operators from cash withdrawal

Aminu Imam

The Central Bank of Nigeria, (CBN), has stated that cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions. According to the apex bank, which revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’, withdrawals from these accounts will only be possible by transfer or through a manager’s cheque. In a December circular, titled, ‘Circular to all banks and other Financial Institutions guidelines on operations of bank accounts for Virtual Assets Service Providers, and signed by the Director,…

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CBN lifts ban on cryptocurrency transactions in banks

Aminu Imam

The Central Bank of Nigeria has reconsidered its stance on the prohibition of crypto-currency transactions in the country. The apex bank said on Friday that it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is contained in a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is tagged ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank…

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CBN declares Bitcoin, other crypto-currencies illegal

Aminu Imam

…Threatens severe sanction for breaches The Central Bank of Nigeria, (CBN), has directed Deposit-money banks, (DMBs) and other financial institutions to immediately close down any accounts dealing in crypto-currencies or facilitating payment for crypto-currency exchange with immediate effect. The apex bank, in a circular issued yesterday, cautioned the DMBs non-bank financial institutions (NBFIs), other financial institutions (OFIs) and members of the public on the risk associated with transactions in crypto-currency. The circular, which was signed by the Director of Banking Supervision, Bello Hassan, and the Director of Payments System Management…

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