Date: February 28, 2021, 08:24:48 PM
Explainer: What you should know about CBN cryptocurrency ban: Business : Nigerialog.com - Nigeria's Premier Online Forum
A Tier 1 banker who spoke to Vanguard on anonymity said: “The CBN has been issuing this warning on cryptocurrency exchanges for a long time.“With the recent circular, the CBN is saying that any person or entity who is receiving cryptocurrency as payment in his bank account and withdraws it as cash cannot do that again.“Such a person is being called to come and close that account because it will not be functional. The bank is not saying it wants crypto dealers money. It is saying that as a crypto dealer, come and take your money and close your account.“The implications of this policy on dealers of cryptocurrency is that they can no longer make withdrawals of cash in banks when a payment is made using cryptocurrency in Nigeria.