Nigeria allowed trading in cryptocurrencies through banks.

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The Central Bank of Nigeria lifted the ban on crypto, allowing other banks and financial institutions to deal in crypto.

According to the circular sent to banks and other financial institutions, CBN said it lifted the ban because current global trends have shown that there is a need to regulate the activities of crypto companies.

Since 2021, Nigerian lenders had reportedly been banned from working with companies that provide digital tokens, transact or operate cryptocurrency exchanges.

Following the Central Bank’s decision, cryptocurrency accounts can now be opened in Nigerian banks. However, individuals or companies wishing to open such accounts must obtain a license from the Securities Exchange Commission of Nigeria.

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