Photographer: KC Nwakalor / Bloomberg
Photographer: KC Nwakalor / Bloomberg
Nigeria’s central bank said it had ordered investment banks and other financial institutions to close accounts dealing in cryptocurrencies as it threatened the country’s financial system.
“The recent regulatory guidance has become essential to protect the financial and general system of Nigerians from the risks inherent in crypto asset activity,” the central bank said in a statement Sunday.
Cryptocurrencies are increasingly being used for money laundering, terrorist financing and other criminal activities because of the name they provide, the regulator said in a statement signed by its spokeswoman Osita Nwanisobi.
The central bank said it is “taking no comfort in the use of cryptocurrencies and will do everything within its regulatory powers to educate Nigerians to refuse to use and use them. protect our financial system from the activity of fraudsters and speculators. ”
Central Bank of Nigeria Orders Closing Cryptocurrency Accounts (1)