Central Bank of Nigeria lifts crypto banking ban, issues VASP account guidelines

On December 22, 2023, the Central Bank of Nigeria issued its "Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers," reversing the February 2021 directive that had barred banks from servicing crypto firms. Banks may now open accounts for SEC-licensed VASPs, though they still cannot trade crypto themselves, so the central bank swapped a blanket prohibition for paperwork. The move marked one of the more notable emerging-market pivots from outright ban to supervised tolerance.