Nigeria’s Central Bank Unconstitutionally Bans Bitcoin Bank Accounts

nigeria central bank

Nigeria’s central bank has ordered commercial banks to not facilitate services to crypto exchanges. “The Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect,” the central bank said. They do not however have the authority to make such order because only parliament can make law. Bitcoin is not prohibited by an act of parliament, and therefore is not illegal. As such, Nigeria’s central bank can not make illegal something that according to the law of the land is legal. This diktat therefore will most probably be overturned by Nigeria’s Supreme Court, just…

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