By Abba Gwale

Central Bank of Nigeria (CBN) has directed banks and other financial institutions in the country to close customer accounts used in trading cryptocurrencies and other related transactions.

The CBN has been taking tough measures against crypto businesses, which have become a major unit of business across the world in recent years.

Many Nigerians have started utilising crypto transactions to avoid the numerous challenges faced with traditional money transfer services.

In October last year, CBN restricted some financial institutions from receiving or making crypto payments.

The CBN has nothing to do except to block the businesses due to cryptocurrencies being run on decentralised monetary systems that no conventional regulator can restrain or intervention when the need arises.

In the past few months, trading in Bitcoin and other cryptocurrencies has skyrocketed as the global economy becomes increasingly volatile.

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