Nigeria Central Bank Orders Cryptocurrency Accounts to Close (1)

Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.”

Failure to comply with the directive will result in “severe regulatory sanctions,” according to a circular sent to financial institutions on Friday and published on the central bank’s website.

The country’s Securities and Exchange Commission said in September it would regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent.

The tough stance by the central bank of Africa’s largest economy comes after protests in October against the ...