Home NEWS Bank Accounts Used for Trading Crypto in Nigeria frozen by CBN

Bank Accounts Used for Trading Crypto in Nigeria frozen by CBN

by InlandTown
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The Central Bank of Nigeria (CBN) has ordered that the accounts of those trading cryptocurrencies through Nigerian bank accounts be seized. The notice comes in a circular signed on November 3 by the Director of Banking Supervision, J.Y. Mammanand, and addressed to the banks.

“You are hereby directed to close the accounts of the underlisted bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN circular BSD/DIR/PUB/014/001 dated February 5, 2021.”

The accounts listed were those of two people. Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor. Recall that in February, the Central Bank ordered all financial institutions to close customer accounts that were engaging in cryptocurrency.

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