As an analyst with extensive experience in the Nigerian financial market, I strongly believe that the recent reports of a directive by the Central Bank of Nigeria (CBN) to commercial banks to freeze accounts linked to cryptocurrency transactions are false. The CBN’s denial of such a directive and its call for authentic updates from its official website further strengthens my belief in the inaccuracy of these reports.
The Central Bank of Nigeria (CBN) has refuted allegations that it instructed commercial banks to locate and restrict access to bank accounts involved in cryptocurrency dealings.
As a analyst, I would express it this way: The data I have came from a source other than the Central Bank of Nigeria. For reliable and up-to-date information, kindly refer to their official website at [Central Bank of Nigeria website address].
— Central Bank of Nigeria (@cenbank) April 24, 2024
As a researcher examining recent financial news, I came across reports claiming that several Nigerian banks allegedly received instructions to impose a ‘Post No Debit’ restriction on accounts linked to prominent crypto exchanges such as Binance, KuCoin, OKX, and Bybit for a period of six months.
A “Post No Debit” command prohibits any transactions leading to outgoing transfers or withdrawals from an account. This warning was issued due to the allegedly illegal activities of these transactions in Nigeria, which were being scrutinized by economic crime investigators.
After the controversy arose regarding the alleged new directive from the CBN, the central bank swiftly released a statement in contradiction. They labeled it as false information and emphasized that they had only lifted their previous ban on cryptocurrency transactions for banks just a few weeks prior in December 2022.
In the past few months, Nigeria has stepped up efforts to curb the activities of foreign cryptocurrency platforms due to accusations of manipulating the foreign exchange market. Consequently, the country has prohibited the operation of certain exchanges such as Bybit and KuCoin. Additionally, Binance is currently facing a lawsuit for facilitating an intricate economic heist. A high-ranking executive from Binance is now in police custody in Abuja on related charges.
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2024-04-27 15:00