Nigeria bans the use of cryptocurrencies – GulfToday

Nigeria bans the use of cryptocurrencies – GulfToday

Cryptocurrencies serve as a safe haven in the petroleum-reliant economy. File The central bank of Nigeria released a statement ordering all banks and financial institutions to close accounts that make use of cryptocurrencies. Nigeria, Africa's largest economy has grown a huge market for cryptocurrency trade, however, the central bank claims it is not regulated or an accepted legal tender. Cryptocurrencies serve as a safe haven in the petroleum-reliant economy where the currency price fluctuates often. According to the statement, all banks and financial institutions should identify persons and/or entities involved in cryptocurrency exchanges and close their accounts immediately. "Breaches of this directive will attract severe regulatory sanctions," it said. The central bank has warned since 2017 that digital currencies are not authorised and that traders and investors in them were at risk as they were not protected by law. Drydocks World, the service provider to the marine, offshore, oil, gas and renewable energy sectors, held a steel-cutting ceremony to commence production on single point mooring buoy "Lekki SPM Project" Crude oil production was 1. 81 million barrels a day in the second quarter, compared with 1. 98 in the same 2019 period. A global oil price crash due to reduced