The Federal Government, through the Central Bank of Nigeria, (CBN) has placed a ban on the trading of cryptocurrencies bitcoin, ethereum, dogecoin among others in the country.
This was contained in a memo issued today, 5th February 2020, signed by the Director of Banking Supervision, Bello Hassan.
Accordingto the CBN, carrying out cypto-related transactions by financial institutions is now prohibited.
The CBN also directed banks to close immediately all the accounts of individuals or entities used in trading cryptocurrencies within their system.
Recall that the CBN issued out a memo in 2017 to financial institutions in the country where it highlighted the procedures in dealing with cryptocurrencies as well as the risk involved in carrying out transactions.
The news of the ban on cryptocurrencies in has generated a huge number of reactions from young Nigerians especially on social media as many claim that the Federal Government is making life more difficult for the youths.
Others labelled the CBN Governor, Godwin Emefiele as a puppet while reacting to the development.
See reactions👇
The Nigeria Football Federation (NFF) have appponted former player and current coach of Enyimba Football…
Ademola Lookman's rich goalscoring form this season has been intrumental to Atalanta's season so far…
Victor Osimhen was on target for Napoli as the recently-dethroned Serie A champions were held…
Cyriel Dessers is one of a handful of Nigerian strikers that has been consistent in…
Remo Stars are not giving up yet on their dream of winning the Nigeria Premier…
Wilfred Ndidi and Kelchi Iheanacho will make their return to the English Premier League next…
