Central Bank of Nigeria Denies Alleged Notice Regarding Cryptocurrency Transactions

Dismissing the circulating notice on social media, the Central Bank of Nigeria clarified that it is false information concerning the risks associated with cryptocurrency.

Using its official X account, the Apex institution urged the public to disregard the purported notice aimed at Deposits Money Banks, Non-Bank Financial Institutions, and other Financial Institutions.

The reminder stated that dealing in cryptocurrencies and facilitating payments for cryptocurrency exchanges is prohibited for these institutions.

CBN emphasized that the information did not originate from them.

Stating, “This information does not originate from the Central Bank of Nigeria,” CBN advised the public to seek authentic updates from the official website.

Notably, during the Bank’s 293rd Monetary Policy Committee meeting, the CBN governor mentioned that over $26 billion had been processed through Binance.

In related news, Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), revealed that about 300 accounts were frozen by the anti-graft agency to safeguard the foreign exchange market.

The Nigerian government has been actively cracking down on Binance and other cryptocurrency platforms in its efforts to safeguard the Naira in the foreign exchange market.