The Central Bank of Nigeria (CBN) imposed a fine of ₦8 million ($1,9 million) on Access Bank, Stanbic Bank, and the United Bank for Africa. The three Nigerian banks were fined by CBN for flouting its directive on accounts trading cryptocurrencies. The directive ordered that the banks in Nigeria must close accounts of people or organizations involved in cryptocurrency transactions within their systems.
In 2021, the CBN adopted a policy barring cryptocurrency transactions in the West Afrikan country. The system overlooked two bank accounts tied to crypto businesses. Surprisingly, the CBN was able to find the two accounts using current technology, which Stanbic IBTC Bank did not have. Access Bank was fined ₦500 million ($1,2 million), Stanbic Bank was fined ₦200 million ($478,595), and United Bank for Africa was fined ₦100 million ($240,500).
The other banks that were penalized include First City Monument Bank (FCMB), Wema Bank, and Fidelity Bank.
Interestingly, and despite the ban, Nigeria has the world's second-largest volume of cryptocurrency transactions, after only the United States. The legislative change sparked a significant outcry because it impacted nearly all of the West Afrikan country's crypto trading platforms.
— By Bataung Qhotsokoane
