The guidelines aim to set minimum standards and requirements for banking relationships and account openings for virtual asset service providers in Nigeria.
Nearly two years after enforcing a comprehensive ban on banks engaging with digital currencies, the Central Bank of Nigeria (CBN) has now lifted restrictions on Nigerian banks facilitating cryptocurrency transactions.
In a circular sent to banks on December 22, the CBN recognized that the increasing global demand and adoption of crypto make it unjustifiable to maintain the stringent restrictions imposed on financial institutions in 2021.
The statement noted:
