Haruna Mustafa, Director of CBN's Financial Policy and Regulation Department, stated in his circular that current trends globally indicate the need for cryptocurrency regulation.

Stating that the ban on the use of cryptocurrency in the country has been lifted, Mustafa said, "CBN has published a new guide to provide guidance to financial institutions under its regulatory authority regarding banking activities in Nigeria." he said.

The Nigerian government banned the use of cryptocurrency in the country in February 2021 on the grounds of money laundering and terrorism.