๐จ Recent rumors circulated about a supposed directive from the Central Bank of Nigeria (CBN), purportedly warning local financial institutions against involvement with cryptocurrencies and supporting crypto exchanges.
๐ This came as a surprise since Nigeria had lifted a previous ban on banks collaborating with digital asset providers just four months earlier.
๐ฐ Reports suggested the CBN issued a circular advising banks and financial bodies to steer clear of cryptocurrency transactions, referencing a prior prohibition.
๐ The alleged directive also named specific crypto exchanges like Binance and OKX as off-limits and outlined measures against entities involved in crypto transactions, including a six-month account freeze.
๐ However, the CBN swiftly addressed these rumors, stating via social media that the circular was fabricated and not issued by their office.
๐ผ Separately, the Economic and Financial Crimes Commission (EFCC) took action by freezing over 300 accounts linked to illicit forex activities on a P2P platform.
๐ The EFCC chairman clarified that this move aimed to combat schemes harmful to the countryโs economic security, noting that unauthorized transactions exceeded those of known entities like Binance.
๐ก These developments highlight the complexities and ongoing scrutiny within Nigeria's financial sector, particularly regarding cryptocurrencies and foreign exchange regulations.
