Nigerian Banks Reopen Doors to Crypto Transactions
The Central Bank of Nigeria has reversed its directive that barred commercial banks from engaging with cryptocurrency platforms. This change has, however, stirred discontent among P2P traders, who had largely taken over the market after the initial ban.
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The Central Bank of Nigeria has reversed its directive that barred commercial banks from engaging with cryptocurrency platforms. This change has, however, stirred discontent among P2P traders, who had largely taken over the market after the initial ban.
Originally, the government's intention behind the ban was to diminish the use of cryptocurrencies among citizens, but it inadvertently led to further complications. Responding to this, the authorities are now shifting back to a more accommodating stance on crypto assets.
The business community in Nigeria has reacted positively to the revocation of the ban, allowing bank interactions with cryptocurrencies. Many entrepreneurs are optimistic that this development will attract a diverse range of crypto businesses to the country, countering the effects of the nearly three-year-long restrictions.
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