Nigerian Banks Reportedly Closes Account Holders that Deal in Cryptocurrency Trading

Following the recent directives from the Central Bank of Nigeria to Banks to close customers’ accounts that deal in cryptocurrency trading, a number of Nigerians in the cryptocurrency industry have alleged their accounts being closed by their respective banks.

The Central Bank stated clearly that commercial Banks were to adhere to the directive with immediate effect in the release; probably the possible cause for closing bank accounts of Customers.

See also: CEO, Chiji14Exchange Says Now is the Time for Everyone to Get Involved

CEO, BitFxt Says Corporate Accounts Were closed by Bank

The Chief Executive Officer of a Nigerian cryptocurrency trading Exchange and BitFxt technologies, Franklin Peters, has stated on his twitter handle (@F_Peterz) that the corporate accounts of the Company were allegedly closed and wiped by their host bank. He also made it clear that the accounts were not only closed but wiped with all the funds in it when a follower asked in a reply to Franklin’s tweet;

So our cooperate accounts have been wiped and closed by our host bank. This is really not the way forward #Nigeria.

SMH

— Franklin Peters (Blockchain Oracle) (@F_Peterz) February 10, 2021

He previously made a tweet about Companies keeping their funds in cryptocurrencies as it was not safe with banks according to Franklin;

It’s time for businesses in #Nigeria to start keeping majority of their funds in #CRYPTO

Your funds are not safe in the banks.

— Franklin Peters (Blockchain Oracle) (@F_Peterz) February 9, 2021

Tola Says His Account Was Closed by Host Bank

The Founder of CryptoMasterClassNG, Tola Fadugbagbe has taken to his Twitter (@connectwithtola) and Facebook page to address the Central Bank’s release since last week when the Bank made the release public. He went live on his Facebook page severally to teach people which way to bypass naira deposits and continue their trading.

But yesterday, Tuesday 9^th February, 2021, he made a tweet via his handle that he got a call from his host bank (Ecobank) that his account will have to be closed till further notice following the directive of the Central Bank of Nigeria as regards accounts associated with cryptocurrencies.

Ecobank just called to inform me they will be closing my account with immediate effect.

I was expecting this. Another reason we need a decentralized monetary system.

— Tola Joseph Fadugbagbe (@connectwithtola) February 9, 2021

Nigerian cryptocurrency communities have been on the lookout for banks that are on the verge to block accounts so as to move the chunk of naira from their accounts to avoid being affected by the new policy.