The Central Bank of Nigeria, CBN, has debunked media reports that it has removed the FX rate from its website.
The information, according to the apex bank is “completely false and this can be verified from the website”.
Meanwhile, the apex bank has reportedly ordered all commercial banks in the country to freeze accounts with at least two people involved in cryptocurrency trading.
According to a report by the News Agency of Nigeria People’s Gazette, Banking Regulator Director, JY Mammanand, issued the notice.
“Mammanand cited the February circular of the CBN, as the basis for account closure. The raid is believed to be part of a larger move by banking regulators to immediately close the accounts of Nigeria’s residents or companies that “trade or operate cryptocurrency exchanges” through local banks.
In February, CBN banned banks from serving cryptocurrency exchanges in the country, citing concerns such as volatility, money laundering and terrorist financing.
Governor of the CBN, Godwin Emefiele, stated that most cryptocurrency transactions through the country’s commercial banks are “illegal”.
Despite the CBN’s actions, Nigeria’s crypto market has grown to be one of the largest in Africa, with the continent’s total retail trade volume increasing more than 1,200 per cent from July 2020 to June 2021.