CBN denies instructing banks to restrict crypto accounts

The Central Bank of Nigeria (CBN) has denied instructing banks to restrict cryptocurrency accounts.

In a circular shared on social media, it was stated that all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) have been directed to identify persons and entities transacting in cryptocurrencies and ensure such accounts are put on post-no-debit (PND) instruction for six months.

However, the apex bank in a statement released on Wednesday, April 24, said the circular shared online did not originate from the bank. The CBN also urged the public to visit its official website for “authentic updates”.