Nigeria Central Bank of Nigeria has banned locally regulated financial institutions from dealing in Cryptocurrencies.
In a circular released on Friday and signed by its Director of Banking Supervision and Director of Payment Systems, the CBN wrote;
…further to earlier regulatory directives on the subject matter, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges s prohibited…
This move is suspected to reduce the flow of unregulated monies into the economy for funding of uprisings and anti-government protest by youths such as last year’s ENDSARS campaign, which saw mobilizers receive funding through cryptocurrencies.
