C4C | 1-26-25 PM: Nigeria’s Stance on Crypto

January 26, 2025

Nigeria's relationship with cryptocurrency has been marked by significant regulatory shifts, creating uncertainty for businesses and investors. In 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting banks and financial institutions from facilitating transactions involving cryptocurrencies. 

This move aimed to protect the financial system from potential risks associated with digital assets. However, the ban led to a surge in peer-to-peer transactions, as Nigerians continued to engage in crypto trading outside traditional banking channels. Recognizing the growing adoption and potential economic benefits, Nigerian authorities are now exploring a more balanced regulatory framework that addresses risks while fostering innovation in the fintech sector.

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Tip Of The Day

When engaging in cryptocurrency transactions in regions with evolving regulations, it's crucial to stay informed about local laws and compliance requirements. Utilizing peer-to-peer platforms can offer alternatives, but always ensure they operate within the legal framework to avoid potential legal issues.