The Central Bank of Nigeria (CBN) requires all banks and financial institutions to identify individuals or entities that transact with cryptocurrency exchanges and place these accounts in a "prohibited debit" (PND) status for six months. When a PND directive takes effect, account holders are prohibited from making debit transactions, which means they cannot withdraw funds or make payments from the affected accounts.
The Central Bank of Nigeria lists cryptocurrency exchanges that do not have operating licenses in Nigeria, including Bybit, KuCoin, OKX and Binance. The Central Bank of Nigeria stated that it will investigate illegal purchases and sales of stablecoins USDT on these platforms, especially those using peer-to-peer (P2P) transactions.
In addition, the Central Bank of Nigeria pointed out that financial institutions are prohibited from engaging in cryptocurrency transactions or providing payment services for cryptocurrency exchanges. (Cointelegraph)