The Nigerian central bank has reversed its Feb. 5 order which barred banks and financial institutions from extending their services to crypto entities. The central bank said new guidelines align with the Financial Action Task Force’s updated recommendation 15, which calls for the regulation of virtual asset service providers.
Guidelines Align With FATF’s Recommendation
On Dec. 22, the Central Bank of Nigeria (CBN) announced that it had rescinded an order that prohibited banks from servicing the crypto industry. In its newly issued guidelines on the operation of bank accounts for virtual asset service providers (VASPs), the central bank stated that the order also supersedes the Jan. 12, 2017 prohibition.
As previously reported by Bitcoin.com News, the CBN’s Feb. 5, 2021 prohibition order specifically requested that Nigerian financial institutions exclude crypto entities from the banking ecosystem. Under then-governor Godwin Emefiele, the central bank actively enforced the order an
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