CBN Lifts Ban On Cryptocurrency

The Central Bank of Nigeria (CBN) has issued operational guidelines on virtual assets provider service (VASP) to all banks and other financial institutions (OFIs).

Released on Friday, the guidelines are contained in a circular dated December 22, 2023, and signed by Haruna Mustapha, CBN’s director of the financial policy and regulation department.

VASP includes cryptocurrency and crypto assets.

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The development signals a shift from CBN’s initial position which restricts crypto transactions.