Central Bank freezes accounts of people trading in cryptocurrency

The Central Bank of Nigeria has instructed some Nigerian banks to block the accounts of some individuals operating the banned cryptocurrency.

The Headquarters of the Central Bank of Nigeria.

The names of the individuals were included in a circular signed on November 3 by the Director of Banking Supervision, J. Y. Mammanand addressed to the banks.

The circular read, “You are hereby directed to close accounts of the underlisted bank customers and place the funds in the accounts in suspense accounts for engaging in cryptocurrency trading in contravention of CBN Circular BSD/DIR/PUB/014/001 dated February 5, 2021.”

The listed accounts belong to two individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor, and a company called TVS Hallmark Service Limited.

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