Central Bank of Nigeria lifts ban on crypto services for local banks

The Central Bank of Nigeria has lifted its ban on local banks and financial institutions serving crypto firms, which is expected to increase the use of cryptocurrencies in one of the world's fastest adopters of digital assets. The decision reverses a 2021 directive against institutions facilitating cryptocurrency transactions, although users continued to switch to peer-to-peer trading. The lifting of restrictions on crypto exchanges and other service providers from opening bank accounts could boost adoption, with pan-African exchange Yellow Card saying it will seek a crypto license in the country. The change was prompted by the global trend of regulating crypto, with international standard setters recommending supervision of the industry rather than blanket bans.