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<p class="is-style-lead">Nigeria’s central bank denies false claims made by crypto media, asserting that it didn’t mandate local banks to freeze accounts associated with unlicensed crypto exchanges.</p> 
<p>The Central Bank of Nigeria (CBN) says it didn’t order local financial institutions to freeze accounts linked to unlicensed crypto exchanges after reports surfaced alleging such directives. In <a href="https://x.com/cenbank/status/1780946687474696294" target="_blank" rel="">an X post</a>, the central bank clarified that the circulated circular wasn’t issued by the regulator, urging the public to rely on its official website for “authentic information.”</p> 
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   <p lang="en" dir="ltr">This content is not from the Central Bank of Nigeria!<br>Always refer to the Bank’s website at <a href="https://t.co/R9TQU0eRpp" target="_blank" rel="">https://t.co/R9TQU0eRpp</a> for authentic information. <a href="https://t.co/wsglXpa6UT" target="_blank" rel="">pic.twitter.com/wsglXpa6UT</a></p>— Central Bank of Nigeria (@cenbank) <a href="https://twitter.com/cenbank/status/1780946687474696294?ref_src=twsrc%5Etfw" target="_blank" rel="">April 18, 2024</a>
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<p>Initially, reports emerged stating that the CBN issued a directive instructing banks to identify and freeze accounts engaged in transactions with cryptocurrency exchanges, placing them under a “Post No Debit (PND) instruction” for six months. Additionally, the reports also listed <a href="https://crypto.news/tag/bybit/" target="_blank" rel="">Bybit</a>, <a href="https://crypto.news/tag/kucoin/" target="_blank" rel="">KuCoin</a>, <a href="https://crypto.news/tag/okx/" target="_blank" rel="">OKX</a>, and <a href="https://crypto.news/tag/binance/" target="_blank" rel="">Binance</a> as exchanges not licensed for operations in Nigeria.</p> 
<p> You might also like: <a href="https://crypto.news/kenyan-authorities-reportedly-extradite-binance-executive-to-nigeria/" rel=""> Kenyan authorities reportedly extradite Binance executive to Nigeria </a> </p> 
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  News reports labeled as fake by the CBN | Source: Web Archive
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<p>However, as of press time, no official orders regarding the freezing of banking accounts linked to crypto transactions have been published on the CBN’s official website.</p> 
<p>The CBN’s stance on cryptocurrency transactions has evolved over time. In late 2023, the bank <a href="https://crypto.news/nigerian-central-bank-lifts-ban-on-crypto-transactions/" target="_blank" rel="">lifted</a> its previous ban on crypto activity in the country, signaling a shift in Nigeria’s approach to the crypto market. However, later reports <a href="https://crypto.news/nigeria-reportedly-plans-to-ban-binance-other-crypto-firms-over-their-ties-to-forex/" target="_blank" rel="">suggested</a> that the CBN is still weighing in on banning certain crypto exchanges to combat forex market manipulation and illicit fund movements.</p> 
<p> Read more: <a href="https://crypto.news/nigerian-central-bank-publishes-rules-for-opening-crypto-accounts/" rel=""> Nigerian central bank publishes rules for opening crypto accounts </a> </p>

Nigeria’s central bank denies reports on crypto account freezing

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