Nigeria CBN Imposes Ban on Moniepoint, Opay, Kuda, and Others Over Cryptocurrency Links

The Central Bank of Nigeria (CBN) has taken a decisive step to curb alleged cryptocurrency-related activities by imposing a ban on several microfinance banks, including Moniepoint, Opay, and Kuda, preventing them from opening new accounts and accepting new customers.

Sources familiar with the matter disclosed to Peoples Gazette that the CBN initiated the ban to address concerns of money laundering and manipulation of the naira's value, which has led to a recent decline in its exchange rate against the dollar.

Moniepoint, one of the affected platforms, notified potential customers of the temporary suspension of new sign-ups on its platform.

This move comes after earlier regulatory actions against Binance, where executives were detained over accusations of naira manipulation, highlighting the CBN's concerted efforts to regulate the cryptocurrency market.

As the ban takes effect, questions arise about its impact on Nigeria's fintech industry and the broader digital economy, with stakeholders closely monitoring developments.