Central Bank of Nigeria reiterates its ban on cryptocurrencies
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In a circular to banks and other regulated financial institutions, the Central Bank of Nigeria (CBN) has reiterated that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges remains prohibited in the country.
According to the regulator, the use of cryptocurrencies in Nigeria goes against key mandates of the CBN as the issuer of legal tender in Nigeria.
The regulator also notes as a concern that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.
Further details are available here.
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