In February 2021, the Central Bank of Nigeria (CBN) issued a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
The CBN further warned local financial institutions against dealing in crypto-assets or facilitating payments for crypto exchanges.
However, just two years later, the government has taken a surprising turn by introducing taxation on cryptocurrencies.
The government said it recognised the growing adoption and economic significance of digital assets and aimed to harness their potential for revenue generation.
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