NEWS

CBN instructs banks to close accounts related to Crypto

Published

5 years ago

February 5, 2021

The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.

In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

The Apex bank further warned the Nigerian Financial Stakeholders that any breach of this directive will attract serious regulatory sanctions.

See excerpt

“The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR1DIR/GEN/C1R106/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic on the risk associated with transactions in cryptocurrency refers.”

“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

“Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Not the first time

In 2018, Nairametrics reported that the Central Bank of Nigeria had issued a statement reiterating that cryptocurrencies are not a legal tender and as such are illegal.

In a circular dated February 28th, 2018, and published on its website, the apex bank reiterated that “cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the CBN.”

This was the strongest against cryptocurrencies made by the CBN at the time. It also coincided with a bullish run for cryptocurrencies especially when bitcoins rallied to an all-time high of $17,000 at the time.

That same year, the Securities and Exchange Commission (SEC), as well as the Nigerian Stock Exchange (NSE) were all directed by the Senate to enlighten Nigerians on the risks involved in trading with Bitcoins, but this report shows the enlightenment campaign has done little or nothing to dissuade Nigerians.

Can the CBN actually stop trading?

The central bank has control over the banking sector and by a large extent can use its powers to determine how banks allow customers to use their bank accounts for transactions.

While cryptocurrencies are a digital form of currency it still relies heavily on the regular currencies for everything from pricing its value to how its ownership is being determined.
Thus, Nigerians looking to trade in cryptocurrency will now have to seek other means outside of the banking sector, assuming Nigerian banks strictly implement the new directives.

There is also the suspicion that this could be tied to the CBN’s foreign currency controls.

How Banks will stop it

Banks can use the KYC information of their customers to determine which of them are used for cryptocurrency-related transactions. Once this is determined, they can block the accounts or restrict anyone from depositing money into the accounts.
In fact, they can place a no-debit on the account, meaning that when you transfer money to a cryptocurrency trading platform, the money could be stuck as they won’t be able to access it.
Ironically this is the very reason why cryptocurrencies exist in the first place, to stop any regulator, third party from getting in between transfers from one person to another.

What this means

The recent directive of the CBN will have clear negative consequences for the international crypto community, taking into consideration Nigeria (Africa’s largest economy and home to over 200 million people, mostly young), has the highest interest in Bitcoin globally.

According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google.
If this policy is strictly implemented it will snuff out millions in demand from crypto hungry young Nigerians, taking out a major source of investments for many.

NEWS

SOUNDOUTTV in Collaboration with COBYL CITY – Unveils SOUNDOUT LIVE Edition 2 with Over ₦900,000+ in Career-Boosting Prizes for emerging artists.

Published

4 days ago

July 23, 2026

Baba Blow

Aspiring artists across Delta State have another opportunity to showcase their talent as SOUNDOUTTV officially unveils SOUNDOUT LIVE Edition 2, the second edition of its online music talent competition.

View this post on Instagram

With over ₦900,000+ in career-boosting prizes, industry exposure, and artist development opportunities up for grabs, this year’s edition is set to spotlight some of the state’s most promising emerging talents.

COBYL CITY joins this second edition as the official production partner behind the competition beat and select artist development rewards. The official competition beat, produced by Berry IV for COBYL CITY LTD, will be released on August 1, 2026, officially opening the competition.

Known for its growing commitment to talent development and creative excellence, COBYL CITY’s contribution extends beyond the competition itself, giving contestants access to professional production opportunities that reward not only performance but also artistic potential.

A Platform for Emerging Talent

Participants are invited to record either a freestyle or an original song using the official competition beat, giving artists a platform to showcase their creativity, originality, and performance skills before a wider audience.

Prize Packages

The SOUNDOUT LIVE Champion will receive an outstanding artist development package, including:
• Official Champion Award
• Professional Performance Session
• Artist Interview and Introduction Video
• Professional Photo Session
• Short Visualizer by P-YoungsMedia
• Exclusive Beat License by COBYL CITY LTD
• Professional Studio Recording Session by COBYL CITY
• Free 24-Hour Hotel Accommodation
• Customized Champion Merchandise
• Additional Gifts from Sponsors

The second-place winner will receive a professional performance package, customized merchandise, and an official Certificate of Achievement, while the third-place winner will receive a performance session and featured artist interview.

How to Participate

Eligible artists in Delta State can enter by:
• Downloading the official competition beat on August 1, 2026
• Recording a freestyle or original song
• Creating a performance video
• Posting the video on Instagram or TikTok, tagging @soundouttv
• Submitting the same entry through the official SOUNDOUT WhatsApp Group

Only one official entry is permitted per contestant.

Fair Competition. Real Opportunities.

Voting will be conducted exclusively through the official SOUNDOUT LIVE voting platform. Each supporter may cast up to 33 votes per contestant, while any attempt to manipulate votes or violate the competition rules will result in immediate disqualification.

More than just a competition, SOUNDOUT LIVE Edition 2 is designed to spotlight emerging talent and create genuine pathways into the music industry. As part of its collaboration, COBYL CITY powers the official competition beat, produced by Berry IV, and contributes exclusive production rewards for the competition’s eventual winner.

Important Dates
• Official Beat Release: August 1, 2026
• Submission Deadline: To Be Announced
• Public Voting: Opens After Submissions

With the official beat dropping on August 1, anticipation is building for another exciting edition of SOUNDOUT LIVE. Artists are encouraged to follow @soundouttv, prepare their entries, and seize the opportunity to gain valuable exposure, professional development, and industry recognition.

Let the Talent Shine. Let the Fans Decide.

ARTICLES

Exclusive Interview with BabaBellz on Enjoyment Night & New Singles

Published

5 days ago

July 22, 2026

Baba Blow

The Nigerian music scene continues to witness the rise of versatile and intentional artists, and one name that has consistently stayed true to his craft is BabaBellz. Known for his dynamic sound, deep lyrical expression, and ability to switch seamlessly between Afro vibes, hip-hop, and inspirational music, BabaBellz is steadily carving a unique identity in the industry.

From the journey of his project R2GTheAlbum (Road To Glory) to the release of his latest dual singles “Enjoy” and “Mama’s Prayer”, the talented artist has proven that he is not just about making music, but about delivering messages that connect with real-life experiences.
While “Mama’s Prayer” touches the heart with emotional depth and appreciation for motherly love, “Enjoy” brings a vibrant Afro sound that encourages fans to celebrate life, hustle hard, and live their dreams. This duality perfectly showcases BabaBellz’s creative range and his commitment to making meaningful music for different moods and audiences.

In this exclusive interview with Blow Naija Media, BabaBellz opens up about his musical journey, the inspiration behind his recent releases, and his highly anticipated event “Enjoyment Night with BabaBellz”, set to celebrate both his birthday and his growing fanbase.

He also shares insights into the challenges of the music industry, his motivation to keep pushing forward, and why consistency, faith, and purpose are key to success.

Read the full interview below as BabaBellz gives us a closer look into his world, his music, and what fans should expect next.

Enjoyment Night with BabaBellz

INTRODUCTION

Blow Naija Media:
Hello BabaBellz, how’s life? Family and music?

BabaBellz:
Hello… beautiful people. Life’s good, famz doing great and music (smiles)… we pushing it.

ON HIS MUSICAL JOURNEY & CONSISTENCY

Blow Naija Media:
We want to have a quick conversation with you about your music life. From the kickstart of R2GTheAlbum (Road To Glory) to your latest dual singles “Enjoy” and “Mama’s Prayer”, how have you been able to keep pushing and never relent on this musical energy and great vibes?

BabaBellz:
Firstly, I have to return all the glory back to the Almighty God for the knowledge, wisdom and understanding He gave me in this entertainment life.

I’m not gonna lie to you, it’s not easy… the time, the late-night meditations, the pen game, studio sessions, the ups and downs, even the way Nigerian and African music is evolving, it’s not an easy task. But like the wise ones always say: never give up.

I guess that’s one of the major reasons why I keep going and never look back. God has been faithful to me, I won’t lie about that. Glory be to God.

ON “MAMA’S PRAYER” & “ENJOY” INSPIRATION

Blow Naija Media:
Wow, that sounds amazing. Now let’s talk about your dual single before we move to your event “Enjoyment Night with BabaBellz.”

What inspired you to create two different genres? “Mama’s Prayer” is emotional and deeply touching, while “Enjoy” is a vibrant Afro sound. We’ve seen you do something similar during your “My Sound” era. So what inspired these two beautiful records?

BabaBellz:
Well… my major goal is to make people understand something about me after I dropped my last album MY SOUND. If you listen to that project very well, you’ll understand what I’m trying to point out, I can make different kinds of sounds.

I’m not saying I’m the best, but with the grace of God, I know I can make good music. Look at songs like Ghetto Breed, Spirit of a Hustler, IDGAF About You, those are international hip-hop standards that even people overseas play daily.

Now bring it down to songs like Kilofe, You, Bend Over, Sisi Caro, these are 100% Afro sounds, expressions of love, beautiful music that makes women feel special, club bangers, and vacation vibes.

Then you have Afro-Adura and inspirational songs like Blessings, Bless My Way, Hustle Mi, etc.

To cut it short, don’t be surprised by any kind of sound you hear from me. My sounds can be zig-zag, but the main thing is you’ll always understand what I’m saying and where I’m coming from.

I don’t just jump on the mic and say random things. My songs are a reflection of how I think and feel at that moment. But I’m also conscious that artists have a responsibility to the masses, so I watch what I say.

“Mama’s Prayer” is to appreciate all good mothers and remind everyone that a mother’s love is priceless and can never be replaced.

“Enjoy” is for people to dance, groove, and understand that enjoyment is part of life. Make money and enjoy life. Don’t just dance — chase your goals, achieve your dreams, and live good.

Because if I make my money, I will definitely enjoy my life.

ABOUT “ENJOYMENT NIGHT WITH BABABELLZ”

Blow Naija Media:
What is your event “Enjoyment Night” all about?

BabaBellz:
Well… as we all know, July 31st is my birthday. I haven’t always celebrated it the way many entertainers do, like hosting big events. I usually celebrate with close friends and family.

But this time, I chose to celebrate with people who truly cherish my music and my craft. Considering the current economic situation, I decided not to sell tables or create VIP sections. Everyone supporting the BellzExpressions brand is automatically a VVIP to me.

I just want people to come out, celebrate my music and birthday with me. It’s nothing too complicated, just a night of love, appreciation, and music… a night specially made for BabaBellz.

EXPECTATIONS FOR THE EVENT

Blow Naija Media:
Are we expecting any big artists at the event? And what more should fans look forward to?

BabaBellz:
Yes, of course. But like I said earlier, everyone supporting my brand is big to me. It’s not easy for someone to genuinely support you without incentives.

There will be a lot of big personalities, artists, CEOs, top entertainers, DJs, hypemen, MCs, and more. Everybody is welcome.

Just look good, come with positive vibes, buy your drinks, enjoy your chops, and have a great time.

SHOUTOUTS & APPRECIATION

Blow Naija Media:
Would you like to give a shoutout to anyone supporting you?

BabaBellz:
Yes ooo… big shoutout to everyone supporting me, those I know and those I don’t know. From day one supporters, real and fake friends (laughs), they are all part of the journey.

Shoutout to my dad, my mom, my woman, my siblings, DJs, hypemen, show promoters, my brother Blow Naija and his family, my producers and sound engineers, my Uniosun & BPA guys, IB city & Osogbo friends, and all Lagos Island and Mainland homies, maximum respect and love.

CLOSING

Blow Naija Media:
Thank you so much for your time, BabaBellz. Keep shining, keep moving, and never stop making good music for those of us who love great sounds.

BabaBellz:
Sure, all on God… BellzExpressionsMusic for life. Thank you for having me. Jah bless 🙏🤍

MUSIC

Meet Big Ken – The Afro beats Sensation Master Mind Behind the epic singles ( Coco baby, No Face , Cruise, Spiritual Frequencies & Alakija

Published

3 weeks ago

July 7, 2026

Baba Blow

Meet Big Ken – The Afro beats Sensation Master Mind Behind the epic singles ( Coco baby, No Face , Cruise, Spiritual Frequencies & Alakija

Nigerian Afrobeats singer and songwriter Big Ken whose known offstage as Kenneth Afure Okudi, releases hits debut singles “Coco Baby” “No Face” “Cruise” “Spiritual Frequencies” and Alakija” the fast rising afrobeats singer has being gaining attention. This release has proven his dominance and has amassed millions of streams across all platforms. He’s also focused on his next level of success.