CBN Ban On Cyptocurrency: Davido Reacts, Some Days After His Plans To Start A Bitcoin Company


David ‘Davido’ Adeleke, a multi award-winning Nigerian music act, has spoken about the Central Bank of Nigeria’s order that all commercial banks and financial institutions should close all cryptocurrency accounts with immediate effect.

The CBN gave the order in a statement issued on Friday, February 5, stressing that all the institutions are to close the accounts of customers with cryptocurrency transactions immediately.

It’s statement read;

“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers.

Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

This is coming less than a week after Davido mulled the idea of establishing his own Bitcoin trading company which will deal in cryptocurrency.

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Reacting to the development, the Jowo singer lamented over how the company was killed by government even before he birthed it.



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