{"id":88661,"date":"2023-12-25T14:23:19","date_gmt":"2023-12-25T12:23:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88661"},"modified":"2025-09-13T19:26:46","modified_gmt":"2025-09-13T16:26:46","slug":"nigerian-central-bank-lifts-ban-on-cryptocurrency-trading","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nigerian-central-bank-lifts-ban-on-cryptocurrency-trading\/","title":{"rendered":"Nigerian central bank lifts ban on cryptocurrency trading"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has lifted the ban on cryptocurrency trading and said the market should be regulated, <a href=\"https:\/\/www.reuters.com\/world\/africa\/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23\/\">Reuters<\/a> reports.<\/p>\n<p>The new circular contains rules for banks and financial institutions on serving cryptocurrency companies, including allowing them to open accounts and provide settlement services.<\/p>\n<p>Providers of virtual asset services, in turn, must obtain a license from the central bank.<\/p>\n<p>At the same time, for banks themselves the ban on trading, holding and dealing in cryptocurrencies remains in effect <a href=\"https:\/\/forklog.com\/en\/news\/nigeria-bans-banks-from-servicing-bitcoin-exchanges\">since February 2021<\/a>.<\/p>\n<p>The CBN cites money-laundering and terrorism financing risks.<\/p>\n<p>Earlier in 2022, media reported that the Nigerian government planned to introduce a bill<a href=\"https:\/\/forklog.com\/en\/news\/media-nigeria-to-back-bill-recognizing-cryptocurrencies\"> to legalise the use of Bitcoin<\/a> and other digital assets.<\/p>\n<p>In May, the local <span data-descr=\"Nigerian Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> announced plans to <a href=\"https:\/\/forklog.com\/en\/news\/nigerian-financial-regulator-to-permit-asset-backed-tokens-while-crypto-remains-banned\">allow asset-backed tokens<\/a>. As a pilot project, the possibility of listing such tokens on licensed platforms was envisaged.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria has lifted the ban on cryptocurrency operations and said that the market should be regulated.<\/p>\n","protected":false},"author":1,"featured_media":88662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,809,150,36],"class_list":["post-88661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-central-banks","tag-nigeria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=88661"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88661\/revisions"}],"predecessor-version":[{"id":88663,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88661\/revisions\/88663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/88662"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=88661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=88661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=88661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}