By Ahmed Rahma
Some traders of cryptocurrencies in Nigeria are beginning to lament the closure of bank accounts of individuals and organisations involved in the business by commercial banks.
This is in compliance with the directive of the Central Bank of Nigeria (CBN) last week to financial institutions. The banking sector regulator said it was taking this action because digital currencies are not an acceptable form of payment in Nigeria.
Already, two of the leading financial institutions in the country, Access Bank and Guaranty Trust Bank (GTBank) have started to implement this policy of the CBN as responsible corporate citizens.
On Friday, there were reports that bank accounts linked with the buying and selling of the digital tokens were being closed.
Access Bank had to send a notice to its customers concerning this development.
In the message, the lender said, “We recently reviewed your account and observed that transactions therein have been linked to Cryptocurrency trading.
“Due to the unregulated nature of Cryptocurrency trading and the further directive from the CBN, we are unable to serve as your organization’s financial partner going forward.
“We have therefore proceeded on the closure of your account and a draft will be issued to you for the equivalent sum in your account.
“You may please visit any of our branches near you to request for your draft.
“We are truly sorry for the inconvenience this may cause and look forward to serving you again in the nearest future.
“Thank you for your understanding and cooperation.”
Since the CBN issued this directive, it has generated mixed reactions amongst Nigerians, with many arguing that it is anti-people and anti-development.
Cryptocurrency exchanges have had to remove Naira deposits from their system, while efforts are being made to resolve the issue with the regulator.
As expected, a few persons have started to use an alternative route to continue to trade cryptocurrencies and one of them is the peer-to-peer (P2P).
The P2P allows traders to sell directly to one another regardless of the location. With this medium, the buyer makes bank transfer to the seller in exchange for the value of the digital coin.
