The Reason Why CBN Banned The Used Of Online Currency In The Country

 


The Central Bank of Nigeria (CBN) has ordered the country's banks to close the accounts of cryptocurrency traders and companies, a move that has upset thousands of Nigerians.


The directive is contained in a statement issued by the bank on Friday to the central bank banks (DMB), non-financial institutions (NBFI) and other financial institutions.


"In addition to previous orders, the Central Bank of Nigeria (CBN) is reminding ministries that deal with online money or their brokers that it is illegal," the statement said.


In 2017, the CBN said online currencies such as bitcoin and litecoin etc. were being used to carry out terrorist attacks and legalize illicit money, given that they could not be tracked.



"Therefore, all NBFIs, NBFIs and OFIs have been instructed to identify individuals using such funds and close their accounts," according to the directive.


Also in 2018, the CBN said the funds were not among the items the owner could take to court if he was claiming his rights in Nigeria.


Source:BBC Hausa

The Reason Why CBN Banned The Used Of Online Currency In The Country The Reason Why CBN Banned The Used Of Online Currency In The Country Reviewed by MR MB on 2:34 AM Rating: 5

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