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 <p class="is-style-lead">The Central Bank of Nigeria recently lifted its ban on local banks and financial institutions serving <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency firms.</p>
 <p>The decision, announced last week, <a rel="noopener noreferrer nofollow" title="reverses" href="https://thebittimes.com/tag/reverses.html">reverses</a> a 2021 directive restricting institutions from facilitating <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency transactions. While the Central Bank of Nigeria (CBN) clarified back then that it did not ban <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading, users shifted towards peer-to-peer trading.</p>
 <p>The reversal is expected to fuel the adoption of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies in Nigeria, one of the world’s fastest adopters of digital assets. The move allows <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges and service providers to open bank accounts, potentially boosting adoption. Yellow Card, a prominent pan-African exchange, plans to pursue a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> license in Nigeria under the new regulatory framework introduced in May.</p>
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 <p>Lasbery Oludimu, Chief Data Protection Officer at Yellow Card, sees the new policy as creating a regulated environment that instills trust and confidence, anticipating a surge in user adoption. The CBN’s decision aligns with the global trend of regulating crypto, as advocated by international entities like the Financial Stability Board and the International Monetary Fund.</p>
 <p>A Nigerian crypto personality expressed enthusiasm, calling the CBN circular a “Christmas present.”</p>
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    <p lang="en" dir="ltr"><br>things are about to get really interesting in Nigeria!! what a Christmas present! <br><br>Nigeria's CBN just removed restrictions on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> transactions. a 180 degree shift from the total ban in 2021. <br><br>we now have clear guidelines for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, but with stringent customer KYC and… pic.twitter.com/cXhKpWmVFO</p>— gwera (@notgwera) December 22, 2023
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Yellow Card Crypto Exchange to pursue licensing plans in Nigeria
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/central-bank-of-nigeria-reverses-crypto-ban-tbt74935.html">https://thebittimes.com/central-bank-of-nigeria-reverses-crypto-ban-tbt74935.html</a></p>

Central Bank of Nigeria reverses crypto ban

TheBitTimes

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