According to Bloomberg, Africa's largest economy has decided to reverse some of the bans on the sector. The Central Bank of Nigeria lifted the restriction on banks operating in the country to provide services with companies that provide crypto services. The Central Bank had imposed the ban in 2021.
In a report published the other day, the Central Bank of Nigeria extended an olive branch to the sector by requesting banks to open accounts in the name of crypto companies. According to the previous legislation, the state institution did not allow those who traded and operated cryptocurrency exchanges to have deposit accounts.
To avoid the ongoing inflation problem in Africa's most populous economy, citizens prefer cryptocurrencies. According to Chainalysis' report, while the price of Bitcoin fell last September, the total trading volume in Nigeria increased by 9 percent.