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From my experience every time this kind of news appears there is a lot of misunderstanding from it, so assuming you're more familiar with the matter of what does this circular really means and what status has a directive from CBN? Is it legally binding?

Has the CBN the power to issue a control on a financial institution or there must be first a case created by a prosecutor of another authority that is acting like a watchdog monitoring the banks with a case of wrongdoing against a bank or a financial institution for not implementing those restrictions?  I doubt any central bank can start and control every single account in the country so there must be a trigger somewhere, a branch of either the cybercrime squad or whatever kind of policy you have there, so, if you manage to keep a low profile you might get away.

For the exchanges, it's probably game over but I think small p2p trade can still go on.
ATMs are done for also this form right? They probably are classified as OFI, no?


I don't know the situation in your country but the ban is the same as this one?
If so, you should share a few tips on how one can avoid getting his account closed or how it can deal exchange without touching a financial institution. From my point of view is either rely on face2face or a foreign money transmitter that doesn't give a damn about regulation in Nigeria.
From what I can see Mpesa will no longer be an option either.


I find it ironic that every damn country that was cheered as the next Bitcoin heaven is turning out to be more of an enemy, Venezuela is implementing state-controlled wallets, India is thinking of a ban, Nigeria is doing so right now, which one is left?