{"id":204219,"date":"2021-11-10T21:00:43","date_gmt":"2021-11-10T21:00:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=204219"},"modified":"2024-03-01T16:29:46","modified_gmt":"2024-03-01T16:29:46","slug":"nigerias-central-bank-orders-closure-of-crypto-related-accounts","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/","title":{"rendered":"Nigeria\u2019s central bank orders closure of crypto-related accounts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Nigeria\u2019s central bank (CBN) has maintained its hostile position towards crypto assets like Bitcoin, Ethereum, Litecoin, and others has it recently ordered financial institutions in the country to close the accounts of individuals suspected to have traded cryptocurrency.<\/span><\/p>\n<h2><b>CBN orders banks to close crypto trader accounts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The CBN, on November 3, released a circular signed by its director of banking supervision, J.Y. Mammanand, ordering commercial banks to close accounts of TVS Hallmark Service Limited, Nnamdi Francis Okereke, and Nwaorgu Kingsley Chibuzor because they have been involved in crypto trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><em><a href=\"https:\/\/gazettengr.com\/cbn-freezes-nigerians-bank-accounts-for-trading-cryptos\/\"><span style=\"font-weight: 400;\">Peoples Gazette<\/span><\/a><\/em><span style=\"font-weight: 400;\">, a local media house in the country, the CBN circular reads that the banks \u201care hereby directed to close accounts of the under listed bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN Circular BSD\/DIR\/PUB\/014\/001 dated February 5, 2021.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will recall that the Nigerian apex bank <a href=\"https:\/\/cryptoslate.com\/nigerian-central-bank-does-a-u-turn-on-bitcoin-ban-saying-they-now-allow-it\/amp\/\">ordered<\/a> all financial institutions within its jurisdiction to stop providing their services for crypto-related transactions or face sanctions. However, despite the ban, Nigerians remain one of the <a href=\"https:\/\/cryptoslate.com\/nigeria-ranks-ahead-of-u-s-others-in-crypto-ownership\/amp\/\">highest crypto adopters in the world<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The central bank's resolve to sanction defaulters was confirmed by a mail seen by this reporter from one of the commercial banks in the country which told members of its staff \u201cto identify persons\/entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.\u201d<\/span><\/p>\n<h2><b>Nigeria\u2019s \u201cENaira\u201d project continues apace<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Nigeria\u2019s CBDC project, <a href=\"https:\/\/cryptoslate.com\/crypto-loving-nigeria-to-launch-enaira-stablecoin-today\/amp\/\">eNaira<\/a>, after the early hiccups has been able to complete over 40 million naira ($113,000) worth of transactions and has seen over 400,000 wallets registered on the platform within the first two weeks of its existence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the launch of the project, the Nigerian President, Muhammadu Buhari had projected that ENaira could add as much as $29bn to the country\u2019s economy in the next 10 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the project\u2019s launch hasn\u2019t been totally smooth sailing, Bitt Inc, the technical partner of CBN on the project, has <\/span><a href=\"https:\/\/nairametrics.com\/2021\/11\/02\/cbn-technical-partners-bitt-inc-announces-new-enaira-application-for-nigerias-unbanked\/\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> plans to launch a mobile application for the unbanked in the country.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s central bank (CBN) has maintained its hostile position towards crypto assets like Bitcoin, Ethereum, Litecoin, and others has it recently ordered financial institutions in the country to close the accounts of individuals suspected to have traded cryptocurrency. CBN orders banks to close crypto trader accounts The CBN, on November 3, released a circular signed [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":204263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s central bank orders closure of crypto-related accounts<\/title>\n<meta name=\"description\" content=\"Nigeria\u2019s central bank (CBN) has maintained its hostile position towards crypto assets like Bitcoin and Ethereum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s central bank orders closure of crypto-related accounts\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s central bank (CBN) has maintained its hostile position towards crypto assets like Bitcoin and Ethereum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-10T21:00:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-01T16:29:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/nigeria-crypto-accounts.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/nigerias-central-bank-orders-closure-of-crypto-related-accounts\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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