The apex bank has warned, that financial institutions who will breach this directive would face severe sanctions.

 

Cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

The CBN has directed DMBs and other financial institutions to close accounts of persons using their systems for cryptocurrency trading.

Further to earlier regulatory directives, CBN also declared that breaches of its directive will attract severe regulatory sanctions.

Trading Bitcoin, a cryptocurrency type has gained traction globally and most youth in Nigeria have been investing through it.

A statement signed by Bello Hassan, Director of Banking Supervision and Musa Jimoh the Director of Payments System Management Department.

 

By Valentine Idaewor

A Transformational and Motivational Leader who have made impact both on Education, security and Community development.

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