Nigeria’s Central Bank has escalated its efforts to regulate the cryptocurrency market by focusing on major exchanges. Financial institutions must now implement new measures to track and limit crypto activities.
The Central Bank of Nigeria (CBN) has intensified its crackdown on the cryptocurrency sector, focusing on major global exchanges including Bybit, KuCoin, OKX, and Binance. In a recent directive, the CBN has mandated that financial institutions in Nigeria closely monitor and report transactions involving these platforms.
The new regulations require Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and Other Financial Institutions (OFIs) to flag and restrict accounts engaged in cryptocurrency activities. Specifically, the CBN has introduced a post-no-debit (PND) order lasting six months for affected accounts and warned of severe penalties for non-compliance.
In addition, the CBN has made it clear that individuals or entities involved in clandestine trading or facilitating the sale of USDT (Tether) will face arrest. This move is part of a broader financial reform initiative aimed at addressing economic disturbances and improving oversight in Nigeria’s financial sector.