🚨 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.
📉 This came as a surprise since Nigeria had lifted a previous ban on banks collaborating with digital asset providers just four months earlier.
📰 Reports suggested the CBN issued a circular advising banks and financial bodies to steer clear of cryptocurrency transactions, referencing a prior prohibition.
🛑 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.
🔍 However, the CBN swiftly addressed these rumors, stating via social media that the circular was fabricated and not issued by their office.
💼 Separately, the Economic and Financial Crimes Commission (EFCC) took action by freezing over 300 accounts linked to illicit forex activities on a P2P platform.
🔒 The EFCC chairman clarified that this move aimed to combat schemes harmful to the country’s economic security, noting that unauthorized transactions exceeded those of known entities like Binance.
💡 These developments highlight the complexities and ongoing scrutiny within Nigeria's financial sector, particularly regarding cryptocurrencies and foreign exchange regulations.
