2017-01-16 | FPR/DIR/GEN/CIR/06/010

Circular to Banks and Other Financial Institutions on Virtual Currency Operations in Nigeria

The Central Bank of Nigeria has issued a circular addressing the growing use and risks associated with Virtual Currencies (VCs). Banks and other financial institutions are instructed not to engage in any transactions involving VCs due to their anonymity and susceptibility to abuse by criminals. Existing customers who are virtual currency exchangers must have strong anti-money laundering and counter-terrorism financing measures in place, or their relationships with the banks will be terminated. The CBN also emphasized that VCs such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc., are not legal tenders in Nigeria. Banks and financial institutions conducting business related to these VCs do so at their own risk.

Nigeria

Central Bank of Nigeria

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