contact_phoneCall us +234 (0) 9073530044

BUSINESS

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

todayApril 7, 2022 34

Background
share close

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system.

The directive was contained in a circular issued by the CBN in February 2021.

In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies.

Written by: EaglesFM

Rate it

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

About
eaglesfm_logo

Eagles FM Abuja Nigeria provides information, entertainment & empowerment it’s listeners.

 “Your Radio Experience, You Can Count On”

Contact us
Address
download streaming app
0%