• Nigeria is set to lift the crypto ban with new guidelines from the Apex Bank.
• The country continues to see a rising crypto adoption rate.

Nigeria has been actively discussed in cryptocurrency, primarily due to its increasing adoption, as indicated by various reports. However, the absence of clear regulations over the years led to a ban on digital asset transactions by the apex bank in the country.

There is potential for this situation to change following a recent circular from Nigeria’s central bank. The circular has also been followed by new guidelines.

Nigeria gets new crypto guidelines

On 22nd December 2023, the Central Bank of Nigeria (CBN) issued a circular to the country’s banks. The circular spoke about the importance of following global trends regarding cryptocurrencies.

Notably, it superseded previous circulars from 2017 and 2021, which had prohibited banks from engaging in crypto-related transactions. Alongside this circular, the CBN released guidelines outlining the regulations for the country’s virtual asset service providers (VASPs).

A significant aspect of the new guidelines pertains to the requirements for opening and operating accounts for VASPs. According to the guidelines, financial institutions must maintain records of these VASPs, including transaction details.

Additionally, users on these platforms are mandated to provide means of identification for transactions. This implies that centralized and decentralized exchanges seeking approval in the country must follow the Know Your Customer (KYC) data requirements.

While lifting the ban through regulatory measures is viewed positively, the stipulation for user identification raises concerns about the loss of anonymity. This could potentially lead to mixed reactions from users in the country.

The infamous crypto ban in Nigeria

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Author: Adewale Olarinde

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