Nigeria Central Bank Denies Freezing Crypto Exchange Accounts

The Central Bank of Nigeria (CBN) has refuted claims made by crypto media outlets that it instructed local banks to freeze accounts associated with unlicensed crypto exchanges. In a recent statement, the CBN clarified that the circulated circular alleging such directives was not issued by the regulator. The CBN urges the public to rely on its official website for accurate information.

Reports initially surfaced claiming that the CBN had ordered banks to freeze accounts engaged in transactions with cryptocurrency exchanges, placing them under a “Post No Debit (PND) instruction” for six months. Exchanges such as Bybit, KuCoin, OKX, and Binance were listed as not licensed for operations in Nigeria.

As of now, no official orders regarding the freezing of bank accounts linked to crypto transactions have been published on the CBN’s official website. The CBN’s stance on cryptocurrency transactions has shifted over time. In late 2023, the bank lifted its ban on crypto activity in Nigeria, indicating a changing approach to the crypto market. However, recent reports suggest that the CBN is considering banning certain crypto exchanges to prevent forex market manipulation and illicit fund movements.

For more information, visit the CBN’s official website.

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