Sun. Jun 23rd, 2024

Nigeria’s Central Bank Places $2 Million Fines On 3 Nigerian Banks Over Crypto Trading.

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The Central Bank of Nigeria has fined three Nigerian commercial banks a total of N800 million for failing to comply with regulations prohibiting banks from transacting in crypto currencies, affected banks are Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa UBA.

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Standard Bank Group Ltd was fined ₦200 million (~$481,000) for 2 accounts alleged to have been used for crypto transactions. Access Bank was fined ₦500 million (~$1.2 million) for failure to close customers’ crypto accounts, according to a filing with the Nigerian Exchange Ltd; and United Bank for Africa (UBA) was fined ₦100 million (~$240,000) for digital currency transactions by a customer. 

CBN, on February 2021, placed restrictions on cryptocurrency trading, instructing banks to not to engage in any form of crypto transactions, noting they could trigger an exposure of the financial system to danger.

Wole Adeniyi, Stanbic IBTC’s chief, stated his bank heeded the order but admitted the two deals for which it is being punished is more of negligence than infringement as the transactions were processed through its system without the lender discovering it.

The industry watchdog spotted the transactions and their details, by way of an ultramodern surveillance technology currently exclusive to it.

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