Nigerian banks begin closure of Cryptocurrency accounts

The cryptocurrency traders have commenced offline operations outside approved exchange platforms following the Central Bank of Nigeria (CBN) directive that banks close their accounts.

The founder and lead, Cryptopreacher Blockchain Academy, Rume Ophi,  yesterday, said commercial banks had notified cryptocurrency traders about the CBN’s directive and subsequent account closure.

The CBN had on Friday, directed  Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions to close accounts belonging to crypto currency operators.

She said with the accounts closed, the traders were trading outside the exchange platforms because they could no longer make payments through channels connected to the financial system.

“The banks are already sending us messages that they will no longer process Bitcoin payments. I have funds in my platform, and I do not intend changing it to naira anytime soon because of what is happening. I will leave the funds for a very long time. I know that from now to the next 10 years, the naira will continue to depreciate. It happened in Kenya, and that same plan was adopted and its working,” he said.

Ophi said the cryptocurrency traders in January met with Securities and Exchange Commission (SEC) on how to regulate their operations, only to be hit by the CBN clampdown.

“I think the government is not seeing reality in the world of today. This is technology, and you cannot fight technology. Agreed that technology has its bad side, they are supposed to be advised appropriately. SEC recognises cryptocurrency as a financial instrument. I was part of the committee that met SEC about a month ago, to look at how regulations can be brought in. Little did we know that the CBN will come and clampdown on us,” he said.



– The Nation

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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