Just recently, the Financial Policy & Regulation Department of the Central Bank of Nigeria (CBN) announced that the ban on cryptocurrency transactions has been officially lifted. This may come as a shock to some and a good improvement for other people.
Around February 2021, the Central Bank of Nigeria initiated a ban on Nigerian banks from processing transactions with crypto-related entities. This meant that banks in Nigeria were not allowed to perform crypto-related transactions with businesses or individuals. This policy was put in place by the CBN Governor then, Godwin Emefiele as he said it was necessary to curb fraud in the country.
The move to relax this ban has sparked up various conversations and it seems to be one of the biggest news for the Nigerian crypto industry in 2023. This ban initially restricted Nigerians and businesses from withdrawing crypto into their bank accounts and also restricted the purchase of crypto from bank accounts. And now that this ban is lifted, it seems that the expected bull run for the crypto market in 2024 could involve Nigerians. A lot of analysts have predicted a bull run for Bitcoin in 2024 due to the halving ceremony and although nothing is ever sure in the crypto market come what may, Nigerians could partake in the spoils of whatever happens.