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Nigeria banks tracking, flagging crypto transactions of customers
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Nigeria had already taken steps to disable citizens’ participation in transacting using crypto but now it was moving forward to surveil the bank accounts of its citizens. According to the latest update, the Central Bank of Nigeria [CBN] sent an internal memo to commercial banks, asking to put an alert on accounts of users suspected to have engaged in cryptocurrency trading.
As per reports, the memo noted accounts “with high volume transactions operated by individuals between the age brackets of 18-30 years as signatories,” should be flagged for potentially fraudulent activities by staff members. Reportedly, two individual accounts were already flagged and named in a Post-No-Debit directive issued by the banking industry regulator.
The CBN
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