Nigerian Central Bank Denies Freezing Crypto Exchange Accounts.

Recent reports have sparked controversy surrounding Nigeria's Central Bank (CBN), which issued a directive instructing banks to freeze accounts engaged in cryptocurrency transactions. However, the Central Bank has vehemently denied these allegations, sparking confusion and raising questions about the country's stance on digital assets.

Nigeria's central bank denies false claims made by crypto media, asserting that it didn't mandate local banks to freeze accounts associated with unlicensed crypto exchanges.

Nigerian authorities are gearing up for the next phase of their crackdown on crypto trading, targeting peer-to-peer (P2P) platforms like OKX, Binance, KuCoin, and Bybit, according to a trending circular by the Central Bank of Nigeria.

The Central Bank of Nigeria issued a directive on Tuesday asking financial institutions to identify persons or entities transacting in or operating Bybit, KuCoin, OKX and Binance, according to contents of the letter seen by CoinDesk.

The CBN through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited.