The Central Bank of Nigeria reversed its prohibition on local banks and financial institutions serving crypto firms in a move that is likely to spur the use of cryptocurrencies in one of the world’s fastest adopters of digital assets.
“With the new policy fostering a regulated environment, Yellow Card anticipates a surge in user adoption and engagement in the coming months,” Lasbery Oludimu, the company’s chief data protection officer, told local news outlet Nairametrics on Wednesday. “The clarity provided by the regulatory framework instills trust and confidence among users, attracting more individuals and businesses into the crypto space.”
A Nigerian crypto personality on X called the CBN circular a “Christmas present.”
