Nigeria’s central bank has refuted false claims made by crypto media, stating that it did not order local banks to freeze accounts linked to unlicensed crypto exchanges.
The Central Bank of Nigeria (CBN) clarified that it did not issue any directive to freeze accounts connected to unlicensed crypto exchanges, despite reports suggesting otherwise. In a recent statement, the central bank emphasized that the circulated circular was not from the regulator and urged the public to rely on its official website for accurate information.
Initial reports indicated that the CBN had instructed banks to identify and freeze accounts involved in transactions with cryptocurrency exchanges, placing them under a “Post No Debit (PND) instruction” for six months. The reports also mentioned exchanges such as Bybit, KuCoin, OKX, and Binance as not being licensed to operate in Nigeria.
As of now, there have been no official orders published on the CBN’s official website regarding the freezing of bank accounts associated with crypto transactions.
The CBN’s approach to cryptocurrency transactions has changed over time. In late 2023, the bank lifted its previous ban on crypto activities in the country, signaling a shift in Nigeria’s stance towards the crypto market. However, there are reports suggesting that the CBN is considering banning certain crypto exchanges to prevent forex market manipulation and illicit fund movements.
For more information, the Nigerian central bank has released guidelines for opening crypto accounts.