Nigeria’s central bank refutes unfounded reports spread by cryptocurrency news outlets. Contrary to the rumors, the bank has not instructed local banks to block accounts linked to unauthorized crypto exchange platforms.
The Central Bank of Nigeria (CBN) has denied issuing orders for local banks to freeze accounts connected to unauthorized cryptocurrency exchanges, contrary to recent reports. In a statement posted on its social media platforms, the CBN made it clear that the controversial circular was not originated from their office and advised the public to check their official website for accurate information.
The information in this content does not originate from the Central Bank of Nigeria. For accurate and reliable updates, please visit the bank’s official website.
— Central Bank of Nigeria (@cenbank) April 18, 2024
At first, it was announced that the Central Bank of Nigeria (CBN) ordered banks to locate and restrict access to accounts involved in cryptocurrency trading with unlicensed exchanges, such as Bybit, KuCoin, OKX, and Binance, for a six-month period using a “Post No Debit (PND)” command.
At present, the CBN’s official site has not yet released any announcements about freezing cryptocurrency-linked bank accounts.
The position of the Central Bank of Nigeria (CBN) regarding cryptocurrency deals has changed throughout the years. Initially, in late 2023, the bank rescinded its earlier prohibition on crypto transactions, indicating a more open attitude towards the Nigerian crypto market. Nevertheless, subsequent reports hinted that the CBN was considering banning specific crypto exchanges to address concerns of forex market manipulation and money laundering.
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2024-04-24 13:59