Cryptocurrencies serve as a safe haven in the petroleum-reliant economy. File

Gulf Today Report 

The central bank of Nigeria released a statement ordering all banks and financial institutions to close accounts that make use of cryptocurrencies.

Nigeria, Africa’s largest economy has grown a huge market for cryptocurrency trade, however, the central bank claims it is not regulated or an accepted legal tender.

Cryptocurrencies serve as a safe haven in the petroleum-reliant economy where the currency price fluctuates often. 

READ MORE 

Dubai has enabled technology start-ups to script global success stories says, Hamdan

Indonesia's economy faces first annual slump in over 2 decades

Italy's economy contracts by 2%, unemployment rate edges up

According to the statement, all banks and financial institutions should identify persons and/or entities involved in cryptocurrency exchanges and close their accounts immediately.

"Breaches of this directive will attract severe regulatory sanctions," it said.

The central bank has warned since 2017 that digital currencies are not authorised and that traders and investors in them were at risk as they were not protected by law.