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Business & Finance

Nigeria's banks barred from cryptocurrency transactions

  • The bank directed institutions to identify individuals and entities transacting in or operating in cryptocurrency exchanges within their systems and immediately close their accounts.
Published February 5, 2021

LAGOS: Nigeria's banks and financial institutions are barred from dealing in or facilitating transactions in cryptocurrencies, the central bank said in a circular on Friday.

The bank directed institutions to identify individuals and entities transacting in or operating in cryptocurrency exchanges within their systems and immediately close their accounts.

It warned that banks that fail to act could face "severe regulatory sanctions."

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