The Central Bank of Nigeria has imposed an N800 million fine on three commercial banks for failing to comply with regulations barring customers from transacting in cryptocurrencies. The affected banks include Access Bank, United Bank of Africa, and Stanbic IBTC Bank. According to a Bloomberg report, the sanctions are part of efforts by the apex bank to ensure banks adhere to restrictions on cryptocurrency transactions.
The CBN had last year notified all Deposit Money Banks, Non-Financial Institutions, and other financial institutions against conducting business in Crypto and other digital assets.
The report said Access Bank was sanctioned with a N500 million fine for failing to shut down customers' crypto accounts. UBA was fined N100million for a customer's digital currency transaction, while Stanbic IBTC was fined N300 million over two accounts allegedly used for cryptocurrency transactions.
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