The Central Bank of Nigeria has reversed its position on crypto assets, instructing banks to disregard the previous ban on crypto transactions.
In a circular dated December 22, 2023 (FPR/DIR/PUB/CIR/002/003), signed by Director Haruna Mustafa, the apex bank now provides guidelines for managing cryptocurrency in alignment with global trends, emphasizing compliance for banks in handling virtual assets.
The circular, titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS),’ highlights the global necessity for crypto regulation.
