Recently, the Central Bank of Nigeria (CBN) fined 3 commercial banks (Stanbic IBTC, Access Bank and the United Bank for Africa (UBA), for flouting its crypto currency trading restriction issued a year ago. According to the Apex Bank, some of the violations carried out by the above mentioned banks include; Operating accounts used for crypto trading Failure to close customer’s accounts, etc. In 2021, the Central Bank of Nigeria gave a directive to all commercial banks and financial institutions to close all customer accounts operating with or trading cryptocurrency. In 2017, the apex bank had also issued a circular to commercial banks,...
