Central Bank of Nigeria bans banks from using digital currencies

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Nigeria banks warned off bitcoin and other digital currencies

Nigeria's central bank has banned any use of digital currencies by the country's commercial banks.

A circular sent to Nigerian banks by Kevin Amugo, director of the financial policy and regulation department of the Central Bank of Nigeria (CBN), told banks to "ensure that you do not use, hold, trade, and/or transact in any way in virtual currencies". These actions should be taken "pending substantive regulation decision by the CBN", said the circular.

Amugo told Central Banking that the CBN

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