Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.” Failure to comply with the directive will result in “severe regulatory sanctions,” according to a circular sent to financial institutions on Friday and published on the central bank’s website. The country’s Securities and Exchange Commission said in September it would regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent. The tough stance by the central bank of Africa’s largest economy comes after protests in October against the excesses of the police’s Special Anti-Robbery Squad, known as SARS, which saw organizers accepting Bitcoins for funding after the government allegedly blocked local payment platforms for collecting donations.
SOURCE: BLOOMBERG
More Stories
Joshua Baraka is Ugandan Music’s Next Big Thing
Design for Human Rights
A Landmark Exhibition Celebrating the Global Impact of Modern and Contemporary African Fashions
Seven Striking Images by Africa’s New Creative Wave
Broken Chord, Sadler’s Wells Review – Sublime Music for the Tale of a South African Choir
Kinshasa’s Street Artists Raise Issues about Globalisation and Economic Plunder
Africa’s Leading Tourist Attraction 2023 Nominees
Lagosians will Proudly Tell You there’s No Party like a Lagos Party
If You Are Looking to Set Up an Office Remotely, South Africa has It All
Luxury Places to Stay in Zanzibar for a Memorable Vacation on the Island
Accelerating and Scaling Priority Infrastructure Development in Africa
Case Studies: Strategising for a New Era of African Trade