Cryptocurrency: Banks in Nigeria Begins Mandatory Closure Of Account

Cryptocurrency, Banks in Nigeria begins implementation of the Federal Government’s directives on the prohibition of Cryptocurrency related transactions or exchange in Nigeria.

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According to https://www.myinfoclock.com/2021/02/bank-account-closure-banks-warn.html, First Bank in a notification to it’s customers titled “Mandatory closure of account“, Friday, states:

“Further to its earlier directives that dealing in Cryptocurrencies or facilitating payments for Cryptocurrency exchanges is prohibited, the Central Bank of Nigeria (CBN) has written the letter: BSD/DIR/GEN/LAB/14/001 dated 5 February 2021, to direct that all banks, non-bank financial institutions and other financial institutions should identify persons and/or entities transacting in or operating Crypto exchanges within their systems and ensure that such accounts are closed immediately.

“In line with the Central Bank of Nigeria directives, please be informed that any account identified as transacting in or operating Cryptocurrency exchanges within our system will be closed accordingly.

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