Alleged Circular Debunked
Reports of a circular from the Central Bank of Nigeria (CBN) banning crypto transactions and freezing accounts have been circulating. However, the CBN has confirmed that these reports are false.
Guidelines Still in Place
Despite the fake circular, the CBN’s guidelines from December 2023 remain in effect. Banks and other financial institutions are allowed to deal with cryptocurrencies under certain rules.
EFCC Freezes Forex Accounts
The Economic and Financial Crimes Commission (EFCC) has frozen over 300 illegal forex accounts that were trading on a P2P platform. The EFCC believes these accounts are part of a scheme that is operating outside of official financial channels.
Binance Faces Charges
Binance, the world’s largest crypto exchange, is currently facing charges for tax evasion in Nigeria. The EFCC is investigating the company and its executives for alleged illegal activities.
