The Central Bank has fined four banks for flouting its directive on crypto currency transactions.

The CBN had in February 2021 ordered all banks to close accounts of anyone who transacts in crypto currency.

According to the CBN, dealing in crypto currency or facilitating payments for crypto currency exchanges is prohibited.

Reports say the CBN has has fined at least four banks for failing to comply with that regulation.

The banks include Stanbic IBTC Bank, Access Bank, United Bank for Africa and Fidelity Bank.

Stanbic Bank, according to the report was fined 200 million naira for two accounts alleged to have been used for crypto accounts.

Access Bank was fined 500 million naira for failure to close customers’ crypto accounts; UBA was fined 100 million naira and Fidelity Bank was fined 14.3 million naira.