Nigeria, the African country with the highest cryptocurrency adoption rate in the world, recently launched its own digital currency, e-Naira.
Although cryptocurrencies are not banned in Nigeria, the first African country to launch its own central bank digital currency, banks’ service of funding crypto platforms was banned in February so that the country’s financial system would not become a part of this sector.
As part of these bans, the Central Bank of Nigeria (CBN) has ordered all Commercial Banks in Nigeria to close the bank accounts of all individuals linked to the cryptocurrency trading platform.
CBN gave this order based on a November 3 circular signed by central bank banking director JY Mammaanand.
The central bank has also instructed commercial banks to place funds held by accused entities and individuals in “suspended accounts” as part of its shutdown order.
The Central Bank of Nigeria has recently filed a court order to freeze the bank accounts of several other fintech firms for operating as unlicensed asset management companies.
Crypto adoption continues in Nigeria despite CBN’s ban on cryptocurrency trading.