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CBN reverses ban on cryptocurrency transactions

The Central Bank of Nigeria (CBN) has reversed its ban on cryptocurrency transactions, instructing banks to disregard the earlier prohibition. The directive, outlined in a December 22, 2023 circular (FPR/DIR/PUB/CIR/002/003), emphasizes the global need for cryptocurrency regulation.

The CBN cites the Financial Action Task Force’s recommendations and the Securities and Exchange Commission’s rules as factors influencing the decision. The new guideline supersedes previous ones and clarifies that banks are still prohibited from holding, trading, or transacting in virtual currencies on their own account.

All financial institutions must promptly comply with the updated guideline.

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