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.
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Recall that in February 2021, the apex bank directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
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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.
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Bloomberg reports that the three affected banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.
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According to the report, Stanbic IBTC Bank was fined ₦200million for two accounts alleged to have been used for crypto transactions.
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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.
