CBN bans cryptocurrency trading in Nigeria

The Central bank of Nigeria has banned the trading of Bitcoins and other cryptocurrency in Nigeria. This is according to a circular seen by

The circular which is signed by Bello Hassan, the director of banking super vision and Musa Jimoh, the director of payment system management department was sent to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).

Banks have been asked to close bank accounts of anyone or group buying or selling cryptocurrency. Failure to do that will attract sanction from the Appex bank.

Part of the statement reads:

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” the circular signed by Bello Hassan, director for banking supervision, and Musa Jimoh, director of the payment system management department, read.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”


Meanwhile, Nigerians have taken to social media to vent their frustration of the new CBN directives. See some reaction below:

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Editorial staff

Editorial staff is a platform that connects people with ideas, opportunities and latest trends in personal finance growth online and offline. It is the most read personal finance platform in Nigeria

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