Economy and Business

JUST IN: CBN debunks rumors of cryptocurrency transaction restrictions

The Central Bank of Nigeria (CBN) has addressed circulating rumours regarding alleged directives aimed at restricting transactions with cryptocurrency exchanges.

Contrary to these rumours, the CBN clarified that no such directive originated from their institution.

The apex bank urged individuals to rely on authentic updates by visiting the official CBN website at cbn.gov.ng.

The purported directive instructed banks and financial institutions to identify individuals or entities engaged in crypto transactions and place their accounts on a “Post No Debit” (PND) instruction for six months.

A “Post No Debit” instruction restricts certain transactions on a customer’s account, preventing them from making withdrawals or payments.

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