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 <p class="is-style-lead">Nigeria’s apex bank expanded on its decision to reverse a crypto ban on financial service providers, providing clear rules to oversee operations moving forward.&nbsp;</p>
 <p>The Central Bank of Nigeria (CBN) announced stringent rules for banks as the watchdog pivoted away from a blanket crypto ban toward regulation for virtual asset service providers, citing a need to align with global trends underpinned by blockchain technology and digital assets.&nbsp;</p>
 <p>According to the CBN, operators like <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges and digital asset brokers can only open naira-denominated bank <a rel="noopener noreferrer nofollow" title="accounts" href="https://thebittimes.com/tag/accounts.html">accounts</a>. Nigeria’s top bank also said cash withdrawals are prohibited, and companies cannot clear third-party checks via their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="accounts" href="https://thebittimes.com/tag/accounts.html">accounts</a>. Other withdrawal types will be limited to two per quarter as well.&nbsp;</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Central Bank of Nigeria reverses crypto ban
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 <p>In December, Africa’s most populous nation lifted its ban on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> transactions. The shift allowed banks to service virtual asset operators and opened a path for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms to acquire business licenses.</p>
 <p>Furthermore, a consortium of local financial entities and blockchain firms is working on Nigeria’s first regulated stablecoin, cNGN. The digital currency could join the leagues of eNaira, a <a rel="noopener noreferrer nofollow" title="central" href="https://thebittimes.com/tag/central.html">central</a> bank digital currency issued by the CBN.&nbsp;</p>
 <p>However, the CBN warned that banks remained barred from holding <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies or trading digital assets due to fraud and financial risk concerns.&nbsp;</p>
 <p>With the move, Nigeria joined other African countries in recognizing Bitcoin and cryptocurrencies as blockchain adoption is fast becoming a reality across the continent. The so-called giant of Africa ranked second on the Global Crypto Adoption Index Top 20 published by Chainalysis.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bahamas, Jamaica, and Nigeria pioneer CBDC adoption
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/nigerian-central-bank-publishes-rules-for-opening-crypto-accounts-tbt75502.html">https://thebittimes.com/nigerian-central-bank-publishes-rules-for-opening-crypto-accounts-tbt75502.html</a></p>

Nigerian central bank publishes rules for opening crypto accounts

TheBitTimes

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