After almost three years of placing a ban on crypto activities, the apex bank has given Nigerians free access to participate in crypto trading.

Crypto market capitalization will hit $25 trillion

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The Central Bank of Nigeria (CBN) has officially relaxed the ban it placed on cryptocurrency trading in Nigeria.

The regulator said on December 22, 2023, that this must be done within the limits allowed.

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This means that people can now make payments using cryptocurrency, as well as buying and selling cryptos in Nigeria.

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However, this only goes to individuals and businesses: banks and other official lending institutions are still prohibited from transacting in, holding, or trading using cryptocurrencies.

Cryptocurrencies usage or trading had been banned since February 2021 by the CBN.

The ban was instituted in a letter, which ordered all financial services providers to shut down crypto-related accounts and cryptocurrency exchanges.

It took effect ‘with immediate effect’ after a substantial spike in what it called ‘unregulated transactions’ involving cryptocurrencies.

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