by Rushali 
The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country.
The ban was announced on Friday, with a circular issued by the bank. According to the central bank’s notice, the ruling is an extension of earlier warnings from the bank about the risks associated with digital currencies.
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The bank has directed all commercial banks to close their accounts associated with crypto exchanges and other business transactions involving cryptocurrencies.
And it also announced a strict penalty for banks that fails to follow the order.
While cryptocurrencies have been popular in Nigeria, digital currencies came into national consciousness amid protests against police brutality in October 2020. At the time, the central bank ordered the suspension of bank accounts belonging to supporters of the EndSARS movement, prompting a switch to Bitcoin (BTC) and crypto donations.
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According to google trends, Nigeria is at the top of the world in terms of search interest for Bitcoin.
This ban is similar to the one imposed in India by RBI which was overturned by the Supreme Court.
