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Their unaudited financial statements indicated that the amount is 13.9 per cent or N7.3bn increase

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 Presid...

The Central Bank of Nigeria (CBN) has responded to the public concern raised by its regulatory directive on cryptocurrency trading in the country. Osita Nwanisobi, Ag. Director, Corporate Communications at CBN explains the position of the banking regulator in a statement titled “Response to Regulatory Directive on Cryptocurrencies” obtained by Technology Times, and reproduced below: The attention of the Central Bank of Nigeria (CBN) has been drawn to various comments and reactions following our recent reminder to Deposit Money Banks (DMBs) to desist from transacting in / and with entiti...