Central bank refutes claims of freezing crypto accounts
Nigeria’s central bank has denied false claims made by crypto media that it mandated local banks to freeze accounts associated with unlicensed crypto exchanges. The bank clarified that the circulated circular was not issued by them and urged the public to rely on their official website for authentic information.
Initially, reports emerged stating that the central bank had instructed banks to identify and freeze accounts engaged in transactions with cryptocurrency exchanges, placing them under a “Post No Debit (PND) instruction” for six months. The reports also listed Bybit, KuCoin, OKX, and Binance as exchanges not licensed for operations in Nigeria.
However, as of now, no official orders regarding the freezing of banking accounts linked to crypto transactions have been published on the central bank’s official website.
The central bank’s stance on cryptocurrency transactions has changed over time. In late 2023, the bank lifted its previous ban on crypto activity in the country, indicating a shift in Nigeria’s approach to the crypto market. However, later reports suggested that the central bank is still considering banning certain crypto exchanges to combat forex market manipulation and illicit fund movements.
In related news, the Nigerian central bank has published rules for opening crypto accounts.
