The Central Bank of Nigeria(CBN) has fined three Nigerian commercial banks for violating its directive on cryptocurrency transactions.
The banks sanctioned are Access Bank, Stanbic IBTC Bank, and UBA. The three financial institutions were ordered to pay a total fine of ₦800 million.
CBN regulation prohibits banking systems from aiding cryptocurrency dealings by customers. On February 5, 2021, the Apex bank issued a circular instructing all banks to close down customers’ accounts used for any form of cryptocurrency transactions.
