After nearly two years of prohibiting banks from engaging with digital currencies, the Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks facilitating cryptocurrency transactions. In a circular sent on Dec. 22, the CBN acknowledged the global demand and adoption of crypto, deeming it unjustifiable to maintain the stringent 2021 restrictions.
The CBN emphasized the need to regulate virtual asset service providers (VASPs), including cryptocurrencies and crypto assets. The guidelines establish minimum standards for banking relationships with VASPs in Nigeria and promote robust risk management practices within the banking industry.
However, financial institutions are still prohibited from holding, trading, or conducting transactions in cryptocurrency using their own accounts. In February 2021, the CBN imposed a ban on regulated financial institutions offering services to crypto exchanges in the country.
In recent developments, the local blockchain industry has urged the Nigerian government to implement regulations supporting the widespread integration of the approved blockchain policy. Obinna Iwuno, president of the Stakeholders in Blockchain Association of Nigeria (SiBAN), highlighted the country’s readiness for full blockchain adoption, positioning Nigeria as a trailblazer in the continent’s digital economy if the government’s blockchain policy is fully implemented.
By FCCT Editorial Team
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