Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close accounts used for crypto currency operations.

CBN in a circular BSD/DIR/GEN/LAB/14/001 issued on Friday, ordered all financial institutions “to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately”.

Any financial institution that breaches this directive the CBN warned “will attract severe regulatory sanctions”.

According to CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”.

The circular signed by Bello Hassan, Director of Banking Supervision and Musa I Jimoh Director, Payments System Management Department said the order is to take immediate effect.

The Nation