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Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer

2024-01-07 by admin Leave a Comment

Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however believes an “outright” prohibition of cash withdrawals from VASPs operated accounts may “be in conflict with the CBN’s own cashless policy.” ‘Fraudulent […]

Nigerian Central Bank Lifts February 2021 Crypto Prohibition Order

2023-12-24 by admin Leave a Comment

Nigerian Central Bank Lifts Its February 2021 Crypto Prohibition Order

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 […]