Central bank of Nigeria does a u-turn on Bitcoin ban and says they now “allow” it

According to local news reports, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, says he will “allow” the trading of Bitcoin and other cryptocurrencies.

In February this year, CBN Director Bello Hassan signed a letter warning monetary service providers of severe regulatory sanctions if they dealt with cryptocurrency exchanges.

Aside from hitting a $2.5 trillion total market cap, not much has changed in the crypto-verse between then and now, at least not fundamentally. This begs the question, why has the CNB backtracked on its earlier call?

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