The Central Bank of Nigeria (CBN) has banned all commercial banks and financial institutions from providing account services to crypto exchanges in the country.
According to a notice from the central bank, the ruling is an extension of earlier warnings about the risks associated with digital currencies. As part of the ban, the bank has also issued a directive that all commercial banks close accounts belonging to crypto exchanges as well as other businesses transacting in cryptocurrencies in Nigeria.
The Central Bank of Nigeria also warned of stiff penalties to any bank or financial institution that fails to comply with the directive.
Nevertheless, data from Google Trends shows that Nigeria is still number one in the world in terms of search interest for Bitcoin.
See Also:
