NEWS

CBN instructs banks to close accounts related to Crypto

Published

6 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.

Entertainment

G Sound Studio Presents Lagos Next Star Music Festival & Talent Hunt 2026

Published

3 days ago

October 12, 2026

Baba Blow

The Nigerian entertainment scene is set for another exciting celebration of music and emerging talent as G Sound Studio presents the Lagos Next Star Music Festival & Talent Hunt 2026, an event designed to discover, showcase, and support the next generation of music stars.

With its focus on discovering talent and providing practical creative opportunities, the Lagos Next Star Music Festival & Talent Hunt 2026 invites aspiring musicians to step forward and showcase what they can offer.

For artists seeking a platform to perform, build connections, and pursue greater recognition, the event could be an opportunity to put their talent in the spotlight.

Interested participants and attendees should contact the organizers directly to confirm registration requirements, prize conditions, and other event details ahead of the festival.

Organized under the theme “Where Talent Meets the Spotlight,” the festival aims to provide aspiring musicians with an opportunity to showcase their abilities, connect with the entertainment community, and take a step toward greater visibility in the Nigerian music industry.

One of the major highlights of the Lagos Next Star Music Festival & Talent Hunt is its talent competition, which offers opportunities for participants to compete for first, second, and third-place prizes.

According to the event promotional materials, winners can look forward to valuable career-support opportunities, including free studio sessions, free music production, free music promotion, and a free video shoot.

These opportunities could help upcoming artists improve their sound, strengthen their musical identity, and gain exposure as they work toward building sustainable music careers.

The event also encourages aspiring performers to take advantage of the platform to demonstrate their creativity, stage presence, originality, and musical potential.

Registration Details and Participationd 👇

Interested talents are invited to register for the competition. The advertised registration fee is ₦10,000.

Prospective participants are encouraged to contact the organizers through the official social media handles or the WhatsApp contact provided on the event flyer to obtain the registration form and confirm the participation requirements.

Registration and enquiries:

Instagram: @dmartin_opchial
Instagram: @gsoundoftheyearstudio
WhatsApp: +234 902 195 7914
Email: Dmartinprobeat@gmail.com

Beyond the talent hunt, the festival is expected to bring together music lovers, performers, creatives, and entertainment enthusiasts for an evening of live performances and networking.

The event flyer lists several performing artists, including Ovuemax, Mohyen, Sanny Gee, Kushflow 15, Diago, Evron Diver, Milli Moree, Pehgy, Sherico, Egbebomo, Younglucki, and Dmartinpro.

The red carpet is scheduled to begin at 6:00 PM, while the main show is scheduled for 8:00 PM.

With a combination of emerging performers, a competitive talent showcase, and music industry opportunities, the festival is positioning itself as a platform for aspiring artists looking to take their next step.

Event Details At A Glance 👇

Event: Lagos Next Star Music Festival & Talent Hunt 2026
Presented by: G Sound Studio
Date: Saturday, November 28, 2026
Red carpet: 6:00 PM
Main show: 8:00 PM
Venue: De City Lounge, 108 Badore Road, opposite Regal Star School, Badore, Ajah, Lagos
Registration fee: ₦10,000, as advertised
Talent hunt prizes: First, second and third-place prizes, with additional creative opportunities advertised for winners

Stay connected to Blow Naija Media for more entertainment news, music updates, artist features, and events from across Nigeria.

Entertainment

Emersonnoni Unveils Bold Promo Shots as He Prepares Next Musical Chapter

Published

2 weeks ago

September 30, 2026

Baba Blow

Rising Nigerian Afro-Pop artist Emmanuel Oghenekevwe, widely known as Emerson and now requesting to be addressed as Emersonnoni, has released a fresh set of promotional photographs ahead of his next musical project.

The visuals mark a confident step forward for the Ughelli South, Delta State native, who has been steadily building momentum since the February 2026 release of his single Ask Of Emerson (featuring Snazzygrin).

That track, produced by Gluck Beatz and written by Oghene Kevwe Emmanuel, showcased his blend of Afro-Pop energy, storytelling, and contemporary Nigerian sound.
With the new promo images, Emersonnoni appears to be setting the tone for a more defined personal brand.

Entertainment

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Published

3 weeks ago

September 25, 2026

Baba Blow

MAIDEN MOEISHA CREATIVE EXPERIENCE HOLDS THIS FRIDAY

Utibe Utuk

All is set to host a gathering of artists,innovators,creative entrepreneurs,young talents,students and industry professionals as the MOEISHA Creative Experience 2026 takes center stage.

The event, which brings together diverse voices and ideas around art,technology,culture and the future of the creative economy is scheduled for Friday,September 25th from 4pm,toprovide a platform for participants to connect,share ideas,showcase their creativity and explore emerging opportunities at the intersection of art,innovation and technology at Ibom LED Centre.

A major feature of the gathering will be the official launch of The Moeisha Foundation,an initiative focused on empowering young women and fresh school leavers with creative skills and opportunities in digital entrepreneurship.

The foundation is expected to provide opportunities for young people to develop practical skills,discover their creative potential and explore sustainable pathways within the growing digital economy.

Beyond the celebration of creative expression,the MOEISHA Creative Experience is designed to promote networking,collaboration and knowledge sharing among participants from different areas of the creative industry.

The event will take place at Ibom LED,Ibom E-Library,Ibb Way,Uyo,Akwa Ibom State,with free entry for participants. Artists,students,young entrepreneurs,industry professionals and lovers of culture are expected to attend the gathering.

Some of the speakers and panelists to grace the event are Mandu Akpekong (Public Speaker), Sukmama Akpanusong (Tech Entrepreneur),Utonne Ekefre (CEO Latonne Signature) and Emmanuel Udosen (CEO Coddatech Nigeria Ltd), with performances by Udo Mariam, Psc Ben, Ferric Wondaz, Carlos Umoh and Evelyn Praiz to spice up the evening.

The convener,Mekmfonabasi Essien,an artist,creative visionary and curator,said in a chat with this reporter penultimate week that the event was conceived as an avenue to bring people together and create opportunities for meaningful connections within the creative space.

According to her,for a creative community like Uyo,which continues to explore new ways of turning talent and ideas into opportunities,the MOEISHA Creative Experience 2026 provides an avenue for participants to connect,create and discover new possibilities.

She called on young people in Akwa Ibom and neighbouring cities to take advantage of the gathering,describing it as a networking hub capable of opening doors for greater collaboration and creative partnerships.