CBN fines Access, UBA and Stanbic IBTC N800 million for cryptocurrency transactions

The Central Bank of Nigeria has fined three Nigerian commercial banks a total of N800 million for failing to comply with regulations prohibiting consumers from transacting in cryptocurrencies.

According to Bloomberg, the sanctions are part of the CBN’s efforts to tighten down on cryptocurrency, ensuring that commercial restrictions on cryptocurrency trading are in place.

It was also revealed that the CBN has the ability to detect cryptocurrency transactions that commercial banks may have overlooked. Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa are among the banks affected.