The Central Bank of Nigeria (CBN) has significantly stepped up its enforcement of the cryptocurrency transaction ban, which was originally implemented in February 2021. The CBN had previously issued a regulatory policy to all commercial lenders, asserting that these transactions posed a substantial threat to the stability of the Nigerian financial system. Following this directive, most banks and financial institutions had taken steps to close accounts belonging to individuals or entities found to be involved in cryptocurrency activities.

In a recent development, the CBN has imposed substantial fines on six major financial institutions for their alleged failure to fully adhere to these stringent regulations. The banks sanctioned include Stanbic IBTC, First City Monument Bank (FCMB), Access Bank, Wema Bank, United Bank for Africa (UBA), and Fidelity Bank. As reported by Bloomberg, these sanctions highlight the CBN’s determined efforts to prevent cryptocurrency transactions. A key revelation is the CBN's claim of possessing an