The Central Bank of Nigeria (CBN) has refuted claims alleging directives to local financial institutions to freeze accounts associated with unlicensed cryptocurrency exchanges. In a statement shared on an X post, the central bank clarified that the circulated circular purportedly issuing such directives did not originate from the regulator. The CBN emphasized the importance of relying on its official website for authentic information.

Initially, reports circulated indicating that the CBN had instructed banks to identify and freeze accounts involved in transactions with cryptocurrency exchanges, imposing a "Post No Debit (PND) instruction" for a duration of six months. Furthermore, the reports listed Bybit, KuCoin, OKX, and Binance as exchanges operating without licenses in Nigeria.

However, as of the time of publication, no official orders concerning the freezing of banking accounts linked to cryptocurrency transactions have been officially communicated through the CBN's official channels.

The CBN's position on cryptocurrency transactions has undergone shifts over time. In late 2023, the bank lifted its previous ban on crypto activities within the country, indicating a change in Nigeria's stance towards the crypto market. Nevertheless, subsequent reports suggested that the CBN continues to consider banning certain cryptocurrency exchanges to address concerns related to forex market manipulation and illicit fund movements.