Our locations:

On 5 February 2021, the Central Bank of Nigeria (CBN) issued a Reminder to banks, non-bank financial institutions and financial institutions that dealing in cryptocurrencies or facilitating cryptocurrency exchanges was prohibited, ordering an immediate stop to such transactions.

The apex bank further directed the immediate closure of bank accounts belonging to persons and/or entities transacting in cryptocurrency or operating cryptocurrency exchanges.

In response to heated and adverse market reactions, the CBN published a press release dated 7 February 2021 to justify the rationale behind its earlier regulatory directive on cryptocurrencies, reiterating that cryptocurrencies are not legal tender in Nigeria.

In our FinTech Update, we have set out what we consider to be recurring questions and have provided brief responses based on our understanding of the Letter and the regulatory landscape in Nigeria.

View full publication

Related posts

16 December 2024

Securing the Future: Trust as a Strategic Tool for Wealth Management
High-net-worth families and individuals in Ghana often manage diverse asset portfolios across multiple jurisdictions.

27 November 2024

Ghana’s Green Finance Revolution: Aligning Investment with Climate and Sustainability Goals
TEMPLARS Partner, Sarpong Odame, and Senior Associate, Aasiya Sarku Nettey, analyse Ghana’s green finance framework, highlighting how the Ghana Green Finance Taxonomy, Green Bond Regulations, and Carbon Registry are shaping the country’s sustainable.

22 October 2024

Market Insights on Unlocking Third-Party Funding of Arbitration in Nigeria
Third-party funding (TPF) is transforming the arbitration landscape, providing claimants with essential financial support to pursue their cases without the burden of hefty legal costs.