The CBN in the circular signed by Director of Banking Supervision, Bello Hassan, and Director, Payments System Management Department, Musa I Jimoh, directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Bank Financial Institutions (NBFIs) local financial institutions to stop any transactions in crypto or facilitating payments for crypto exchanges.
According to the apex bank, disobedience to the directive will attract sanctions.
Reacting to the development, Murray-Bruce wondered why the decision to ban cryptocurrency or policy regarding finance was hasty.
He wrote; “I thought it’s universal knowledge that decisions or policy regarding finance or economy should never be hasty?”.
Also commenting on the CBN decision, former Kaduna Senator, Shehu Sani faulted the cryptocurrency ban by the apex bank.
“Why the ban on Cryptocurrency? Why are we running backwards?” he queried.