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

Becky Slim Crowned AFROMAICA June Edition Dancehall Queen

Published

1 day ago

July 1, 2026

Baba Blow

Becky Slim Crowned AFROMAICA June Edition Dancehall Queen

AFROMAICA which is Nigeria’s Number 1 monthly urban reggae dancehall party delivered another unforgettable celebration of reggae and dancehall culture on june 25th 2026 as Emediong Emmanuel Edet, popularly known as Becky Slim won the cash prize of #500,000, she emerged the overall winner after an outstanding performance that earned her the admiration of both the organizers and the audiences at Club Plan B by Carabana. Afromaica happens every last thursday of the month at same venue.

Representing Kenya also know as Slim Shady showcased remarkable stage presence, confidence, and authentic dancehall energy throughout the competition. Her captivating performance distinguished her from a lineup of talented contestants, securing her the coveted Dancehall Queen title in what proved to be one of the most competitive editions of the event.

The June edition featured an impressive display of reggae and dancehall artistry, highlighting the depth of emerging talent across the African music scene. Contestants thrilled fans with energetic performances and a passion for preserving the vibrant spirit of the genre.

Adding to the excitement of the event recorded the presence of several notable entertainment personalities who came out to support the movement. Popular Facebook content creator MC Mbakara, respected reggae artist Tossy Young, and dancehall heavyweight Bclean were all in attendance, lending their support to AFROMAICA‘s vision of promoting reggae and urban dancehall music while encouraging the next generation of performers.

Their presence further demonstrated the growing influence of AFROMAICA as a platform that continues to unite entertainers, content creators, artists, and music lovers under one cultural movement dedicated to the advancement of reggae and urban dancehall across Africa.

The event is proudly powered by Spartan Media Ltd and Club Plan B, with valuable support from Element Irish Whiskey, TM Luxury Apartments, Aurum Trading Exchange, Jogab Logistics, The Cove, and Isno Hotels. Their partnership played a significant role in delivering a well-organized and memorable experience for contestants, guests, and fans.

As AFROMAICA continues to expand its impact on the African entertainment landscape, anticipation is already building for the next edition, where more gifted dance and lyrical artists will bring mind blowing performances while celebrating the rich heritage and enduring influence of reggae and urban dancehall music.

Congratulations to Emediong Emmanuel Edet (@Beckslim001 on tiktok ) on her well-deserved victory at the AFROMAICA Dancehall Queen June Edition. Her success stands as a testament to hard work, talent, and dedication, inspiring aspiring artists to pursue excellence while keeping the spirit of reggae and urban dancehall alive.

See Exclusive photos below

NEWS

Popular Nigerian Singer Ceena Gears Up for October Release as He Joins Forces with Speroachbeatz (Watch Video)

Published

2 weeks ago

June 17, 2026

Baba Blow

Popular Nigerian Singer Ceena Gears Up for October Release as He Joins Forces with Speroachbeatz

Nigerian music sensation Ceena has once again set tongues wagging after being spotted in the studio with legendary producer Speroachbeatz, fueling anticipation for what could become one of the biggest records of 2026.

Although details surrounding the project remain under wraps, including the official title and release date, sources close to the camp reveal that the highly anticipated collaboration is expected to arrive in October 2026.

Known for his consistency, creativity, and ability to deliver captivating records, Ceena appears determined to elevate his career to a new heights. The singer reportedly disclosed that the forthcoming track is designed to serve as an anthem that listeners from all walks of life can relate to and embrace.

The studio session has already generated excitement among fans and industry stakeholders, especially considering Speroachbeatz’s impressive track record of producing chart-topping hits for some of Africa’s biggest stars like Davido.

With Ceena’s growing influence and Speroachbeatz’s production genius, expectations are high that this collaboration will make a significant impact upon release.

As the countdown to October begins, music lovers will be eagerly awaiting further updates on what promises to be a spectacular hit project from the talented singer.

See video teaser below;

NEWS

How “Hardest Truth” Became One Of Nigeria’s Most Searched Emerging Songs and Number 4 Song On Shazam Worldwide Chart.

Published

1 month ago

May 20, 2026

Baba Blow

In a music industry constantly chasing noise, controversy and trends, fast-rising Nigerian artist Jubet is building momentum differently, through emotional honesty.

Born Akanbi Oluwa Jubelo Emmanuel and raised in Ilora, Oyo State, Jubet’s journey into music started long before the numbers began rising. During his secondary school days, he developed his passion for music through freestyle sessions and raw self-expression, gradually shaping the emotionally driven sound that listeners are now connecting with across streaming platforms and social media.

A graduate of Obong University, Akwa Ibom State, where he won the Best Performing Artist Award in 2025, Jubet represents a new generation of artists using music to communicate pain, reality, heartbreak, struggle, reflection and survival in a deeply relatable way.

His breakout record, “Hardest Truth,” has quickly become one of the most emotionally resonant emerging songs in Nigeria’s digital music space.

Within just TWO WEEKS of release, the song has generated:

• Over 119,600 Spotify monthly listeners
• More than 504,000 Spotify streams
• Over 1.3 million Audiomack streams
• More than 406,000 Boomplay streams
• More than 411,000 YouTube audio views
• Over 281,805 Shazams
• More than 900,000 TikTok user-generated contents (UGC)
• #1 on Shazam Viral Nigeria
• #1 Shazam in Nigeria, Ghana, Kenya, Uganda and Zambia
• #4 Shazam Worldwide
• #60 Shazam United Kingdom
• #109 Shazam Canada
• #133 Shazam United States
• Spotify Nigeria Top 100 entry
• Apple Music chart entries across multiple African countries
• Placement across dozens of editorial playlists on Audiomack and Boomplay

The rapid growth has been driven largely by organic audience connection, emotional relatability and massive social sharing across platforms, with listeners strongly connecting to the song’s raw honesty and reflective storytelling.

What makes Jubet’s rise stand out is not just the numbers, but the emotional relationship listeners are building with the music. Across social media, fans continue to describe “Hardest Truth” as deeply relatable, emotionally painful, honest and reflective of real-life experiences many young people silently go through.

Rather than positioning himself around luxury, hype or internet theatrics, Jubet’s music speaks directly to people navigating heartbreak, betrayal, pressure, emotional struggles and everyday realities.

As momentum around “Hardest Truth” continues to grow globally, Jubet is steadily emerging as one of the new emotionally driven voices to watch in Nigeria’s evolving music landscape.

Jubet is currently managed under the Louiza Williams -led LOUI-K EMPIRE LTD, as efforts continue toward building his long-term creative and commercial growth.

Listen to “Hardest Truth”: https://linktr.ee/jubetjayyouhttps://linktr.ee/jubetjayyou