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CBN freezes Nigerians’ bank accounts for trading cryptocurrency



The Central Bank of Nigeria (CBN), has ordered all domestic commercial banks to freeze the accounts of listed individuals for purportedly trading in cryptocurrency.

Peoples Gazette reports that this is contained in a Post-No-Debit circular signed on November 3 by the Director of Banking Supervision, J. Y. Mamman and addressed to the banks.

“You are hereby directed to close accounts of the underlisted bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN Circular BSD/DIR/PUB/014/001 dated February 5, 2021,” the circular reads.

The listed accounts belong to two individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor, and a company called TVS Hallmark Service Limited.

In February, the apex bank ordered banks and other financial institutions to close all customer accounts used in trading cryptocurrencies and other related transactions.

The Muhammadu Buhari-led administration had banned all trading in cryptocurrencies in Nigeria, citing it being used to launder money, fund terrorism, amongst other corrupt activities.

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