The Central Bank of Nigeria permitted local banks to open accounts for crypto companies, media reported.
The decision will facilitate an increase in crypto exchanges in Nigeria, which ranks in 2022 first in Africa and 11th in the world in blockchain data company Chainalysis Inc.’s crypto adoption index, reports say.
Since 2021, the Nigerian lenders had been forbidden to work with firms providing digital tokens and transacting in or operating cryptocurrency exchanges.
Nigeria, along with South Africa, are the African two countries that are the most knowledgeable and confident about cryptocurrencies, according to a September study.