CBN Lifts Ban On Cryptocurrency

Good news — the Central Bank of Nigeria (CBN) has changed its mind about cryptocurrency! They've lifted the ban and told banks to ignore the old rule against crypto transactions. The CBN now wants to follow global trends and regulate crypto because it's becoming popular worldwide.

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In a letter dated December 22, 2023, they explained that earlier, in February 2021, they banned banks from working with crypto because of concerns about money laundering and terrorism. But now, they see that other countries are regulating crypto, and they want to do the same. They mentioned global groups like the Financial Action Task Force (FATF) and laws in Nigeria that recognize crypto as part of the financial system.

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This new guideline replaces the old ones from 2017 and 2021. However, banks are still not allowed to buy, sell, or trade virtual currencies. The CBN wants all banks to follow these new rules right away. Remember when the old governor, Godwin Emefiele, banned banks from dealing with crypto in 2021? Well, things have changed!