An internal email seen by Peoples Gazette titled “Compliance
Advisory on Cryptocurrency Dealing/Transactions” is in furtherance of the
Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country.
Accounts “with high volume transactions operated by
individuals between the age brackets of 18-30 years as signatories,” should be
flagged for possible fraudulent activities by staff members, the memo said.
Other account types with similarly discriminatory guidelines
include youth savings accounts, business savings accounts, personal business
accounts, amongst others. The bank did not define what constitutes a high
volume of transactions, but the account types listed captured all of its
available packages for Nigerian youths.
The internal email urges staff to monitor the listed
accounts for red flags “in order to make the Bank safe and protected from the
activities of criminals, organized gangs, money launderers and terrorist
financiers.”
This compliance advisory comes after the CBN ordered all
Nigerian commercial banks to freeze the accounts of certain individuals for
purportedly trading in cryptocurrency. The Gazette reported that two
individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor and a company
TVS Hallmark Service Limited had been named in a Post-No-Debit directive issued
by the banking industry regulator.
But the FCMB’s memo marked the latest escalation in the
enforcement of the CBN’s directive. Section 42 of the Nigerian Constitution
prohibits discrimination against citizens under whatever guise. FCMB did not
return calls and e-mails seeking comments about the leaked memo to staff
members.
It was unclear whether or not other banks have instituted
similar controversial policies against young people, but a spokesman for the
CBN Osita Nwanisobi said banks were not asked to enforce the ban on
cryptocurrencies on the basis of age or other forms of discrimination.
“Our press statement on cryptocurrency the position of the
CBN on the matter. Thank you,” Mr Nwasinobi said in response to The Gazette’s
enquiries about FCMB’s memo.
Despite Nigerians’ growing interest in the cryptocurrency
space, the CBN had in February ordered all financial institutions to close all
accounts used in trading cryptocurrencies and other related transactions,
citing security concerns.
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