The Central Bank of Nigeria (CBN) reverses its 2021 anti-crypto policy, now allowing banks to handle crypto transactions. This change aligns with the development of cNGN, a new stablecoin by Nigerian banks. Banks must adhere to strict guidelines, including obtaining user BVNs and crypto firm licensing. This shift aims to support blockchain technology and contrasts with the tepid reception of Nigeria's CBDC, eNaira.
