CBN Lifts Ban On Cryptocurrency Transactions

EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has lifted the ban on cryptocurrency assets in the country and asked banks to disregard its earlier ban on crypto transactions.

The apex bank’s Director of Financial Policy and Regulation Department, Haruna Mustafa, made this known in a circular dated Friday, December 22, 2023

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In the circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS)’ the apex bank stated that current trends globally have shown the need for crypto regulation.

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The apex bank noted that this new guideline supersedes its old ones referenced released on January 12, 2017, and on February 5, 2021, on the subject.

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