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Nigerian Central Bank halts fintech new accounts to curb crypto trading

The Nigerian Central Bank has requested four fintech companies to pause creating new accounts in a bid to block crypto traders from accessing them. As per a report from Nigerian news outlet Techcabal, the Central Bank of Nigeria (CBN) has directed four key players in the fintech sector, namely, Moniepoint, Palmpay, Opay, and Kuda, to cease opening new accounts. These companies play a crucial role in facilitating crypto trading in Nigeria. An executive familiar with the development was cited, stating that this was a temporary suspension. Another source added that the CBN had already engaged with the affected firms prior to issuing the directive.

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