CBN fines three banks N800m for flouting cryptocurrency order

The Central Bank of Nigeria (CBN) has fined three banks a total of N800million for failing to comply with the directive to block customers from transacting in cryptocurrencies.

Recall that in February 2021, the apex bank directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

In the circular released to deposit money banks (DMB), non-bank financial institutions (NBFIs), and other financial institutions (OFIs), the apex bank noted that disobedience to the directive would attract severe penalties.

Bloomberg reports that the three affected banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

According to the report, Stanbic IBTC Bank was fined ₦200million for two accounts alleged to have been used for crypto transactions.

While Access Bank Plc was fined N500million for failure to close customers’ crypto accounts, and United Bank for Africa Plc incurred a N100million penalty for digital-currency transactions by a customer.