Nigerian central bank intensifies fight against cryptocurrency dealers - emerging countries

The central bank of Nigeria (CBN) now reports just a few days after the introduction of the digital currency E-Naira.

bank employees warned

In a memo to his employees who viewed Bitcoin.com News, one of the leading banks of Nigeria, FCMB, warns their employees from helping cryptocurrency dealers. The bank announces that every account in which it is determined that it is against the CBN. violates Directive is closed.

In addition, FCMB said that employees who are intentionally not disclose the existence of an account that is involved in the trade in cryptocurrencies. According to the memo, all FCMB employees are now expected to be involved in the monitoring of accounts, transactions and customers to ensure that the bank is fully maintaining the CBN directive.

To help the employees to easily identify accounts that are used by cryptocurrency dealers, FCMB has created and shared a list of 20 warnings that they should pay attention to. Some of these warning signals are bank accounts that receive high daily tributaries from a large number of payment recipients, and accounts that are operated as exchange offices without a license from the CBN.

CBN increases the pressure

As a further sign that the CBN increases the pressure, a letter allegedly written by the central bank indicates all banks to close accounts of Namdi Francis Okeke and Nwaorgu Kingsley Chibuzor. In the letter that began to circulate a little more than a week after the start of E-Naira on social media, the CBN claims that the accounts for the trade in cryptocurrencies are used and this violates the Central Bank directive of February 5th

In the same letter, the banks are asked in a similar way to close accounts of TVS Hallmark service and put the funds on a blocking account.

response to these reports in A Twitter , Senator Inhenyen, the President of the StakeHolder in Blockchain Technology Association of Nigeria (Siban), called the campaign of the CBN "unexpectedly discriminatory and unconstitutional". Inhenyen argues that only the Nigerian legislature is authorized to act against cryptocurrencies. He explained:

"This is not regulation, but oppression. Where is the National Assembly of Nigeria? The Central Bank campaign is ultra vires. That has to stop. We are not in a lawless country. Only the National Assembly can illegalize cryptocurrencies."

What do you think is behind the new efforts of the CBN to block cryptocurrency dealers? Tell us your opinion in the comment area below.

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