The Central Bank of Nigeria (CBN) has placed a ban on all regulated Banks and financial institutions from offering their services to crypto exchanges in the country.
The CBN has also ordered all banks to close any accounts transacting with cryptocurrencies.
“Dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.” The CBN told banking institutions in an official circular seen on social media.
The CBN said that banks should “identify persons and/or entities” transacting with cryptocurrency or operating crypto exchanges on their platforms and “ensure that such accounts are closed immediately.”
Nigerians have adopted Crypto ever since the protests against police brutality in October 2020. During this time, the CBN ordered the suspension of bank accounts belonging to supporters of the EndSARS movement, prompting Nigerians to opt for the decentralized Bitcoin (BTC).
According to data from Google Trends, Nigeria leads in the world in terms of search interest for Bitcoin.