Central Bank of Nigeria Lifts Crypto Ban Following New SEC Regulation
The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens. According to a report by BusinessDay, the CBN has now instructed lenders to open accounts for crypto firms, marking a reversal of the ban imposed in 2021. The decision comes as the Securities and Exchange Commission (SEC) issued new regulations for crypto companies operating in the country. The CBN’s ban, introduced in February 2021, prohibited deposit-taking financial institutions from transacting with or operating cryptocurrency exchanges. Under the new regulations, Nigerian banks are now permitted to open bank accounts for crypto companies, also known as Virtual Asset Service Providers (VASPs).