CBN lifts restrictions on crypto exchanges, issues guidelines

The Central Bank of Nigeria (CBN) has lifted restrictions on virtual assets service providers (VASP), enabling them operate accounts with banks and other financial organisations.

The CBN however said the banks are still not allowed to hold, trade, or transact in virtual currencies on their own accounts.

A crypto exchange operator who spoke to BusinessDay said it is a signal for “good times ahead” for the crypto currency industry in Nigeria.

In February 2021, the CBN under Godwin Emefiele, slammed a restriction on banks providing accounts for exchanges and persons exposed to cryptocurrency. The CBN ordered the closure of all accounts operated by the crypto businesses.

Details later…

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