Central Bank of Nigeria

godwin-emefiele

Godwin Emefiele, the Central Bank of Nigeria’s governor, is convinced that cryptocurrency threatens Nigeria’s financial system and must remain under quarantine indefinitely. At a Senate hearing held on Tuesday, Emefiele described cryptocurrency as “money that is created out of thin air” and used by “players in an electronic dark world where transactions are extremely opaque.” […]

ecobank

At about 12:35am on Tuesday, one of my colleagues received an email from Ecobank.  It started with a few paragraphs reminding him of the Central Bank of Nigeria’s directive that banks should stop enabling cryptocurrency transactions. The crucial message was this: “…please be informed that any account identified as transacting or operating in cryptocurrency exchanges […]


On the 5th of February, the Central Bank of Nigeria (CBN) sent out a circular to commercial banks reminding them that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited” and ordering them to close any accounts transacting with cryptocurrencies. Two days later, the CBN followed up with a statement clarifying their reason […]


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