NEWS
CBN instructs banks to close accounts related to Crypto
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.
ARTICLES
God’s Family Church (Gospelogy Eden) Lagos – Pastor Apha Ministry, Location, Teachings & Community
God’s Family Church, also known as Gospelogy Eden, is a Christian faith-based ministry in Lagos, Nigeria. The church was founded by Pastor Apha with a mission centered on teaching the word of God with clarity, love, and truth. It serves as a spiritual community committed to nurturing believers and spreading the message of Jesus Christ.
GOSPELOGY
A central concept of the ministry is Gospelogy, defined as the practical application of the Word of God to manifest divine realities and reflect God’s nature in everyday life.
Gospelogy represents a lifestyle of intentional faith, where believers are equipped not only with knowledge of scripture but also with the discipline to live out its truths consistently.
OVERVIEW
God’s Family Church is a growing Christian community focused on restoring individuals to God’s original design for humanity. The ministry emphasizes spiritual transformation, faith-building, and a deep understanding of biblical principles. Through its teachings, the church aims to inspire believers to live purposeful and joyful Christian lives.
TEACHINGS AND DOCTRINE
The teachings at Church Eden are rooted in biblical truth and often revolve around key themes such as:
•Returning to God’s original plan and purpose for mankind
•Spiritual growth and maturity in Christ
•Prosperity through faith and righteous living
•Experiencing the joy and fulfillment of the Christian life
The church encourages practical application of scripture, helping members integrate faith into their daily lives.
COMMUNITY AND ACTIVITIES
God’s Family Church fosters a strong sense of community among its members. In addition to physical gatherings, the church actively engages in online fellowship, where believers participate in:
•Daily and weekly prayers
•Faith-based teachings and discussions
•Inspirational messages and spiritual insights
These activities are designed to strengthen faith, build unity, and support members in their spiritual journey.
MISSION AND VISION
VISION
The vision of God’s Family Church is rooted in Gospel of Luke 1:17:
“To make ready a people prepared for the Lord.”
This vision reflects the church’s commitment to raising spiritually prepared individuals who are aligned with God’s purpose and ready to fulfill His calling.
MISSION
The mission of the church is:
“To impact lives with Gospelogy for a disciplined lifestyle.”
Through this mission, the ministry focuses on building believers who are spiritually grounded, morally disciplined, and guided by the principles of God’s Word.
LOCATION
God’s Family Church (Eden) is located at:
No. 31 Nelson Cole Avenue, beside Sterling Bank, Off Iju Road, Agege, Lagos, Nigeria.
CONCLUSION
God’s Family Church (Eden) continues to impact lives through its dedication to biblical teaching, community building, and spiritual development. Under the leadership of Pastor Apha, the church remains committed to spreading the gospel and helping believers grow in faith and purpose.
In the heart of Nigeria’s vibrant fashion scene, Lass B Celebrity Butik stands out as a premier destination for luxury fashion enthusiasts.
Lass B International Limited, a Nigerian conglomerate, has been making waves in the entertainment and fashion industries since its inception in 1995. Founded with a passion for excellence, the company has expanded its reach to include Lass B Celebrity Butik, Lass B Record Label, and Lass B Luxury Butik, among others.
Over the years, Lass B International Limited has established itself as a household name, synonymous with quality, style, and innovation. The company’s diverse portfolio has enabled it to touch the lives of many, both locally and internationally.
Wake upAs a high-end boutique, The best butik south south 2022 award given by Mr and miss institution Nigeria, Lass B Celebrity Butik offers an exclusive range of footwear, clothing, rings, and other accessories that cater to the most discerning tastes.
Nigeria’s fashion industry is known for its dynamic and eclectic style, blending international brands with local talent.
Luxury Boutique like Lass B Celebrity Butik play a significant role in shaping the Akwa ibom’s fashion landscape, offering a curated selection of high-end products that showcase both global and local designers.
A Fusion of Style and ComfortLass B Celebrity Butik’s motto, “Always leading by quilty,” reflects its commitment to providing customers with exceptional quality and style. The boutique’s product range likely features exquisite footwear, elegant clothing, and statement accessories, all designed to make a fashion statement.
Nigeria’s luxury fashion scene is characterized by its diversity, with boutique like Lass B Celebrity Butik offers unique shopping experiences. The establishments prioritize quality, comfort, and style, making it popular among fashion-conscious individuals.
Get your fashion steeze from head to toe by visiting Lass B Celebrity Butik for your latest fashion steeze at an affordable price.
Whether you’re looking for a statement piece or a complete wardrobe overhaul, the boutique’s expert team is on hand to help you find the perfect look.
Nigeria’s fashion industry has experienced significant growth in recent years, driven by a growing middle class and increased demand for high-end products. Luxury boutiques like Lass B Celebrity Butik are at the forefront of this trend, offering customers a chance to experience the best of global and local fashion.
As the Nigerian fashion scene continues to evolve, Lass B Celebrity Butik remains a key player, showcasing the country’s rich cultural heritage and its ability to blend traditional and modern styles.
Visit their head office at Lass B Luxury Mall – 282 Oron Road Uyo-Akwa Ibom State
The Nigerian music scene is about to witness something truly special as fast-rising, super talented singer and songwriter iDimilan prepares to release a powerful new project titled “Thee (EP)”.
Scheduled to drop on April 29, 2026, this highly anticipated EP is more than just music, it is a journey through life, emotions, growth, and self-discovery. Known for his deep lyrics and meaningful storytelling,
iDimilan delivers a body of work that connects directly to the heart and soul of listeners.
This 7-track project showcases his versatility, creativity, and raw expression, positioning iDimilan as one of the promising voices to watch in the Nigerian music industry.
🎶 Tracklist:
•Pepe Bordi
•Real Girls
•Unique Me
•No Stress Me
•Dem Go Shock
•Ayah
•Message to the Stars
Each track carries a unique vibe, blending motivational themes with relatable real-life experiences, from hustle and self-belief to love, struggles, and hope for a better future.
⚠️ Special Message:
“Don’t smoke while listening. But if you insist, make sure you don’t get lost in your thoughts. And even if you do, remember, there are people here who love you.”
This message perfectly reflects the emotional depth and powerful impact of the project.
With anticipation building fast, iDimilan’s “Thee (EP)” is already shaping up to be one of the most talked-about releases of the season.
📅 Official Release Date: April 29, 2026
🚀 Get ready, greatness is coming.
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