Nigeria's highest banking authority elaborated on its decision to reverse the prohibition on cryptocurrencies for financial service providers, establishing explicit guidelines for future operations. The Central Bank of Nigeria (CBN) introduced strict regulations for banks, shifting from a total ban on cryptocurrencies to regulating virtual asset service providers, citing the need to stay in line with international trends driven by blockchain technology and digital assets.
According to the CBN, entities such as cryptocurrency exchanges and digital asset brokers are permitted to open bank accounts denominated in the Nigerian Naira only. The country's primary banking institution also declared that cash withdrawals are forbidden, and firms are not allowed to process third-party checks through their cryptocurrency accounts. Additionally,
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First found on: Nigeria Revises Crypto Stance
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