The Central Bank of Nigeria (CBN) recently released comprehensive guidelines to govern the operations of bank accounts for Virtual Assets Service Providers (VASPs), signaling the end of a two-year ban on cryptocurrency transactions. This information is detailed in a circular titled Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers, issued by Haruna B. Mustafa, Director of the Financial Policy and Regulation Department at the CBN.

While the ban lasted, Nigerians defied the odds with the volume of crypto transactions in Nigeria growing 9% year-over-year to $56.7 billion between July 2022 and June 2023, according to New York-based blockchain research firm Chainalysis in a September report. Nigeria is also reported to have the highest peer-to-peer (P2P) exchange volume, according to the 2023 Geography of Cryptocurrency Report. A recent study from KuCoin found that 35% of Nigerians aged between 18 and 60 are investing or trading bitcoin or other cryptocurrencies.