Nigeria’s central bank forced to deny claims of crypto account freeze
The CBN, through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited.
Update 11:45 am UTC: The central bank is denying they have issued a directive.
The Central Bank of Nigeria (CBN) has been forced to deny a report saying it issued a directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.
A “Post No Debit” instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customer’s account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.
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Author: Amaka Nwaokocha
