Pan-African cryptocurrency trading platform Yellow Card Exchange is actively seeking regulatory licensing to expand operations into Nigeria after the nation’s Central Bank reversed its ban on banks facilitating crypto transactions.
With the prohibition now lifted, Nigerian banks can open accounts for crypto exchanges and traders without asset seizures. Yellow Card’s Director of Product Management says the company initiated approval conversations with local regulators and wants to capitalize on the opportunity.
Nigeria boasts a cryptocurrency-savvy population and launched its own central bank digital currency called eNaira in 2021. However, its usage has proven limited thus far. As the central bank amends models to drive adoption, opening access to private sector crypto platforms may similarly accelerate participation.
The regulatory green light for exchanges and tents to offer virtual asset services aligns with Nigeria’s broader strategy to embrace the blockchain economy. Implementing clear oversight frameworks seeks to restore Nigeria’s position as an African crypto leader.
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