Due to the risks of money laundering and terrorism posed by cryptocurrency transactions, the former governor of the Central Bank of Nigeria (CBN) had announced restrictions on these transactions. But this ban was just lifted two years later in the Nigerian banking system

In a circular written by Haruna Mustapha, the director in charge of financial policy and regulation at the CBN, the reversal of this policy was announced by the institution. For the latter, the umbrella bank would now provide regulations for financial institutions on how to manage cryptocurrency in order to avoid misuse. In reality, the former governor announced “that the restriction was necessary given the risks of money laundering and terrorist financing posed by cryptocurrency.