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Did the Central Bank of Nigeria lift restrictions on cryptocurrency transactions?

The Central Bank of Nigeria has lifted its restrictions on cryptocurrency transactions in commercial banks. This is according to a circular dated December 22, 2023with reference number FPR/DIR/PUB/CIR/002/003 and signed by Haruna Mustafa the apex bank’s Director, Financial Policy and Regulation Department.

Why did the Central Bank of Nigeria ban crypto transactions in 2021?

The Central Bank of Nigeria (CBN) banned crypto transactions in Feb. 2021, citing money laundering and terrorism financing risks. The CBN barred banks and financial institutions from dealing in or facilitating transactions in crypto assets.

Can banks facilitate crypto transactions in Nigeria?

The Central Bank of Nigeria (CBN) has lifted the restriction on banks from facilitating crypto transactions. The Central Bank of Nigeria (CBN) has lifted the restriction on banks from facilitating crypto transactions. The CBN has also released guidelines for banks and other financial institutions when engaging with crypto services.

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