Nigeria’s Central Bank Bans Banks From Serving Crypto Traders and Exchanges

A few months after news of an upcoming regulatory framework for cryptocurrencies in Nigeria, crypto traders in the country have been faced with shocking news from the Central Bank of Nigeria (CBN). The apex bank has ordered financial institutions in Nigeria to stop offering banking services to crypto exchanges and other related businesses.  In a circular issued by the CBN on Friday, February 5th, 2021, the regulator demanded that all Deposit Money Banks(DMBs), Non-Financial Institutions (NBFIs), and Other Financial Institutions…