Home Civil Law CBN Bans Cryptocurrencies Trading in Nigeria – Lawyard

CBN Bans Cryptocurrencies Trading in Nigeria – Lawyard


The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and different monetary establishments to shut accounts of individuals who’re utilizing their methods for cryptocurrency buying and selling.

In an announcement signed by Bello HassanDirector of Banking Supervision; and Musa JimohDirector of Payments System Management Department, the CBN mentioned: 

“Further to earlier regulatory directives on the topic, the financial institution hereby needs to remind regulated establishments that dealing in cryptocurrencies or facilitating funds for cryptocurrency trade is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The CBN additionally declared that breaches of its directive will appeal to extreme regulatory sanctions.


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