Nigeria's Central Bank 'Softens' Its Stance, Permits Bank Accounts for Bitcoin Companies
The Central Bank of Nigeria reversed its prohibition on local banks and financial institutions serving Bitcoin firms.
- "Nigeria’s central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf," reported Bloomberg.
- The decision rescinds a 2021 directive against institutions facilitating cryptocurrency transactions and prohibiting local banks from opening accounts for Bitcoin service providers.
“Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers which include cryptocurrencies and crypto assets,” the CBN said a statement.
- "Only naira-based accounts will be permitted and there will be no cash withdrawals, the central bank said. The restrictions also bar clearing third-party checks through crypto accounts and will limit withdrawals to two per quarter."
Bloomberg Article / Archive
CoinDesk Article / Archive
Guidelines PDF
