Central Bank of Nigeria (CBN) announced on Friday, 5th of February, 2021, that cryptocurrency exchange is prohibited in the country.

Financial institutions are also directed to shutdown accounts of anyone or entity transacting in or operating crypto currency exchanges within their systems.

In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: "Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited.

"Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately."

Nigerian Government bans Cryptocurrency trading

Nigeria is reportedly the world's 2nd largest Bitcoin trading volume. And the youths of the country are very much invested in it.

Upon hearing the new policy, lots of youths who have access to social media, most especially WhatsApp have voiced out their pain heartbreak and disappointment at such new development from CBN.

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