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CBN Did Not Ask Banks To Discriminate In The Execution Of The Ban On Crypto, says CBN Spokesperson

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CBN spokesperson Osita Nwanisobi has said that banks were not implored to execute the ban on cryptocurrencies on the ground of age grade or other forms of discrimination.

First City Monument Bank (FCMB) has released a notice on accounts belonging to youths between the ages of 18-30, asking their employees to be on constant monitoring for money launderers and other criminal activities. 

An email observed by a reporting media, people gazette, named “Compliance Advisory on Cryptocurrency Dealing/Transactions” is in promotion reference to the Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country. 

Some other accounts were also stated which include youth savings accounts, business savings accounts, personal business accounts etc. The bank refused to explain what makes up a high volume of transactions, but the account types listed included all of its available packages for Nigerian youths.

The internal email instructs their employees to scrutinize the listed accounts for red flags “to make the Bank safe and protected from the activities of criminals, organized gangs, money launderers and terrorist financiers.”

This compliance advisory comes after the CBN authorized all Nigerian commercial banks to block the accounts of certain individuals for supposedly trading in cryptocurrency.

A report was released about two individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor and a company TVS Hallmark Service Limited had been labelled in a Post-No-Debit directive granted by the banking industry regulator.

But the FCMB’s message signified the latest increase in the compulsion of the CBN’s command. Section 42 of the Nigerian Constitution barred prejudice against citizens under whatever facade. FCMB did not return calls and e-mails seeking comments about the leaked message to staff members.

It remains uncertain whether or not other banks have instituted related questionable policies against young people, but a spokesman for the CBN Osita Nwanisobi stated that banks were not implored to execute the ban on cryptocurrencies based on age or any other form of prejudice.

The dislike for cryptocurrency by the Central Bank of Nigeria is apparent because despite the launch of the e-naira, the ban on Crypto is tightened and Nigerian crypto traders are still neck-deep into the innovation.

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Data Scientist, Tech Enthusiast and a Crypto Lover