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BusinessNews

CBN Bars Banks From Transactions In Virtual Currencies

Farouk Mohammed
By Farouk Mohammed
Published: January 18, 2017
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Central Bank of Nigeria, CBN, on Tuesday placed ban on banks from any transactions in virtual currencies.

CBN – Central Bank of Nigeria

Director, Financial Policy and Regulation department, CBN, Mr. Kelvin Amugo, who announced the ban said it was necessitated by money laundering and terrorism financing risks inherent in operations of virtual currencies.

In a circular to banks and other financial institutions on virtual currency operations in Nigeria, Amogu stated: “The emergence of Virtual Currencies (VCs) has attracted investments in payments infrastructure that provides new methods of transmitting value over the internet”.

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The CBN ban is coming a week after the Securities and Exchange Commission (SEC) issued a warning against virtual currencies.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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