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Ironically, on Wednesday the Fed’s real-time settlement system FedWire went offline for a number of hours. Many financial institutions (including crypto exchanges) were stopped in their tracks as the system went down – an event the technology of which Bitcoin hasn’t experienced in the last 2,907 days.  Trading with Bitcoin has gained traction globally and in Nigeria lately; and most young people have been investing in the cryptocurrency world, buying and selling bitcoin and altcoins making profit for themselves. But the apex bank is clearly not a fan of crypto currencies. In a statement signed by Bello Hassan, Director of Banking Supervision; and Musa Jimoh, Director of Payments System Management Department, the CBN said: "Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited.”  |
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October 2022
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