The Central Bank of Nigeria in a circular released on Friday has directed all financial institutions, Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and Other Financial institutions (OFIs) to shut down all accounts of individuals or entities operating cryptocurrency.

The directive was given to financial institutions following the circular of January 12, 2017 which cautioned all institutions and the public on the risk of cryptocurrency transaction.

While stating the risk of cryptocurrency transactions as reported by the CBN, the apex bank noted that breach of the directive would attract severe regulatory sanctions.

According to the bank, the circular was signed by the Director for Banking Supervision, Bello Hassan, and Director of the Payment System Management Department, Musa Jimoh.

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