The CBN through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited.
The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.
A “Post No Debit” instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customer’s account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.
According to the circular shared with Cointelegraph, the CBN listed Bybit, KuCoin, OKX, and Binance crypto exchanges, stating that they are not licensed for operations in Nigeria.