Nigeria bans use of cryptocurrencies in banks, financial institutions

Feb 07, 2021 AlShorts Web Desk

The central bank of Nigeria ordered all banks and financial institutions to close accounts that make use of cryptocurrencies. Cryptocurrencies serve as a safe haven in the petroleum-reliant economy where the currency price fluctuates often. According to the statement, all banks and financial institutions should identify persons and/or entities involved in cryptocurrency exchanges and close their accounts immediately.