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Nigeria's central bank reportedly freezes crypto traders' accounts
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The Central Bank of Nigeria has reportedly ordered all commercial banks in the country to freeze accounts with at least two individuals engaged in crypto trading.
According to a Nov. 7 report from Nigerian news outlet Peoples Gazette, the Director of Banking Supervision, J.Y. Mammanand, issued a notice directing the central bank to close the accounts of two alleged crypto traders and move their funds “in suspense accounts.” Mammanand cited a Central Bank of Nigeria, or CBN, circular issued in February as grounds for the account closures.
The crackdown is reportedly part of a larger move by banking regulators to immediately close the accounts of Nigerian residents or companies “transacting in or operating cryptocurrency exchanges” using local
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