Nigeria Lifts Ban on Cryptocurrency


The Central Bank of Nigeria (CBN) has lifted the two-year old ban it placed on cryptocurrency transactions in the banking system.

The Nigeria’s apex bank announced the decision to reverse the policy in a circular by the Director of Financial Policy and Regulation, Haruna Mustapha.

Mustapha said the CBN would now provide regulations for financial institutions on how to manage and avoid misuse of cryptocurrency in the country.

The bank had in 2021 restricted banks and other financial institutions from operating accounts for cryptocurrency providers.


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