Central Bank of Nigeria freezes crypto trader’s Bank account
The central bank of Nigeria (CBN) took action against a few suspected crypto traders and froze the account until the completion of the Investigation.
At present, the Central Bank of Nigeria (CBN) imposed a clear ban on all commercial banks of the country and ordered them not to provide any kind of services to digital assets based platforms. That means, no bank can support digital assets service provider firms directly or indirectly. But it doesn’t mean that the Nigerian government banned crypto trading.
In the latest Peoples Gazette, Local news media in Nigeria reported news regarding the suspension of bank accounts of the crypto traders services provider.
According to the news media outlet, the Central Bank of Nigeria ordered the Post-No-Debit Circular issued on November 3 to suspend and freeze the accounts of the TVS Hallmark Service Limited and two individuals, Nwaorgu Kingsley Chibuzor and Nnamdi Francis Okereke.
According to the report, these companies are providing crypto or digital assets based services, which is totally against the rule of the Nigerian government. So, J. Y. Mammanand, director of banking supervision at the CBN, ordered the immediate closure of the bank account and transfer of the funds to a suspended account.
It is worth noting that many Fintech firms faced the suspension of their account, while it was only for the unlicensed & unregistered service provider. Probably, banks are doing their work at their best, so that they can avoid any mistakes on the CBN guidelines.
Nigeria on crypto & Blockchain
As already we said that Crypto is not banned in Nigeria but the banks are not ordered to give their services to the crypto platforms. So right now, crypto traders in Nigeria are dependent upon P2P trading based services.
The Nigerian government doesn’t want to see crypto in the country but they are keeping their steps more carefully. However, the central bank of Nigeria released its own central bank Digital Currency (CBDCs) “e-Naira” in the last month to step up with the blockchain technology-based infrastructure in the nation.
Read also: Bitcoin will go through the soft fork in the next 6 days
