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Cryptocurrency ban: CBN replies critics, says its used to finance terrorism, money laundering

Cryptocurrency ban: CBN replies critics, says its used to finance terrorism, money laundering 4 min read The Central Bank of Nigeria on Sunday replied those criticising its ban on Cryptocurrency transactions insisting that the currency is issued by unlicensed entities. The apex bank insists that apart from the fact that Cryptocurrencies are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. Many Nigerians including Former Nigerian Vice President, Atiku Abubakar, former Minister of Education Oby Ezekwesili had faulted the ban on cryptocurrency trading by the Central Bank of Nigeria, saying it may increase “economic pressure” already being experienced by youths.

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