Cryptocurrency decision in Nigeria

The Central Bank of Nigeria (CBN) has announced that the ban on cryptocurrency usage in the country has been lifted. The previous ban was imposed by the Nigerian government in February 2021, citing money laundering and terrorism concerns.

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The Central Bank of Nigeria (CBN) has announced that the ban on cryptocurrency usage in the country has been lifted.

Haruna Mustafa, Director of the Financial Policy and Regulation Department at the CBN, stated in a circular that global trends indicate a need for cryptocurrency regulation.

Noting that the ban on cryptocurrency usage in the country has been lifted, Mustafa stated, "The CBN has issued new guidelines to provide guidance to financial institutions under its regulatory authority regarding banking operations in Nigeria."

The Nigerian government had banned the use of cryptocurrencies in the country in February 2021, citing money laundering and terrorism concerns.

News Source: AA