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IS CRYPTOCURRENCY LEGAL IN NIGERIA? Decoding the Regulatory Framework for crypto

The question of whether cryptocurrency is legal in Nigeria has, for years, been met with a confusing paradox. On one hand, Nigeria is Africa’s largest crypto market, a global leader in peer-to-peer (P2P) crypto trading, and a society where digital assets have moved from a niche interest to a mainstream financial lifeline for millions. On the other hand, a notorious 2021 directive from the Central Bank of Nigeria (CBN) instructed financial institutions to close the accounts of anyone transacting in crypto, effectively cutting the market off from the formal banking system. This created a grey zone where the activity was neither expressly outlawed nor officially endorsed, existing in a state of high-stakes limbo.

Today, the answer is no longer a simple "yes" or "no", but a nuanced "yes, under a structured framework".

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https://www.linkedin.com/pulse/cryptocurrency-legal-nigeria-decoding-regulatory-framework-dcavf?utm_source=share&utm_medium=member_android&utm_campaign