Nigeria’s Apex Bank Sets New Course, Lifts Ban On VASPs – Details
Summary
The Central Bank of Nigeria (CBN) has lifted its ban on banking operations for virtual asset service providers (VASPs) due to global trends and regulatory developments. However, Nigerian banks are still prohibited from directly transacting with cryptocurrencies. Nigeria is a rapidly evolving crypto hub, with over 22 million users, representing 10.31% of the population. This policy change is expected to further increase crypto adoption in Nigeria amidst currency depreciation and high inflation rates.
