Cryptocurrency ban’s to protect Nigerians, financial system — CBN

The Central Bank of Nigeria (CBN) yesterday said its decision to ban the use of cryptocurrencies in the country is to protect Nigerians and the nation’s financial system from the illegal nature of such currencies and the inherent risks associated with them.

Recall that on Friday, the CBN ordered banks to close all accounts relating to crypto currency transactions.

Following the outcry in some quarters against the decision, the CBN in a statement yesterday signed by the Acting Director, Corporate Communications, CBN, Osita Nwanisobi,   said: “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability.

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