The Central Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director of Financial Policy and Regulation. The CBN issued a circular in February 2021, restricting banks and other financial institutions from operating accounts for cryptocurrency service providers. “The guidelines supersedes the CBN circular of Feb. 5, 2021on the subject,” the director said. He, however, warned that banks and other financial institutions were still prohibited from holding, trading or transacting in cryptocurrencies on their account.

Source: Nigerian Tribune December 23, 2023 16:06 UTC