CBN Bans Accounts of Individuals, Company for Trading in Cryptocurrency

The Central Bank of Nigeria has frozen the account of two individuals identified as Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor, and a company called TVS Hallmark Service Limited for trading in cryptocurrency. 

This is contained in a Post-No-Debit circular signed on November 3 by the Director of Banking Supervision, J. Y. Mammanand 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 CBN had earlier banned Cryptocurrency in the country stating that it was used for money laundering, fund terrorism and other criminal activities.

It directed all banks to freeze the accounts of all customers who trade in crypto currency.