Why did Nigeria ban cryptocurrency transactions in 2017?

In an effort to regulate the market, Nigeria's central bank banned banks from facilitating cryptocurrency-related transactions in 2017, but the ban remained largely unenforced. However, this year the institution doubled down on its stance.

Why did the Central Bank of Nigeria lift its ban on cryptocurrency?

The Central Bank of Nigeria has lifted its ban on cryptocurrency transactions, acknowledging the global trend towards regulating digital assets, according to a recent Reuters report.

Are Nigerian banks allowing cryptocurrency transactions?

Nearly two years after enforcing a comprehensive ban on banks engaging with digital currencies, the Central Bank of Nigeria (CBN) has now lifted restrictions on Nigerian banks facilitating cryptocurrency transactions.