Cryptocurrency is a digital form of money that the user in possession uses to trade for goods and services. Although most organisations have created their own cryptocurrency and allows their customers to trade using them, The Central Bank of Nigeria has banned cryptocurrency.
In a press statement the Central Bank of Nigeria released today, it cautioned all the institutions it regulates to prohibit the use of cryptocurrencies.
The central bank also cautioned its regulated institutions on the sanctions of failing to adhere to this instruction; which is an immediate closure of the account associated in the trade involving cryptocurrency.
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