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Joseph Olaoluwa
The Central Bank has ordered banks and other financial institutions to identify persons and entities operating crypto currency exchanges and close all such accounts.
This drew the ire of experts who criticised the apex bank for not being prepared for modern financial regulation.
The CBN stated that dealing with crypto currencies and facilitating payments through it was prohibited in the country.
This was disclosed in a circular on Friday titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’.
The circular was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department.