The Central Bank of Nigeria, CBN, has warned Deposit Money Banks, Non-Financial Institutions and other financial institutions against doing businesses in Cryptocurrency and other digital assets.

CBN in the circular dated February 5, 2021 warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank also instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

The Central Bank added that “breaches of this directive will attract severe regulatory sanctions.