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CBN Lift Ban On Cryptocurrency

Nigerians Rejoice As CBN Lift Ban On Cryptocurrency Transactions

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Nigerians Rejoice As CBN Lift Ban On Cryptocurrency Transactions —The Central Bank of Nigeria (CBN) has lifted the  ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system.

The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director, Financial Policy and Regulation.

Mustapha said that the apex bank would now provide regulations for financial institutions on how to manage cryptocurrency to avoid misuse.

The News Agency of Nigeria (NAN) recalls that the CBN issued a circular in February 2021, restricting banks and other financial institutions from operating accounts for cryptocurrency service providers.

The then CBN Governor, Godwin Emefiele, had announced that the restriction was necessary in view of the money laundering and terrorism financing risks posed by cryptocurrency.

Emefiele also said that the vulnerability inherent in cryptocurrency operations, as well as the absence of regulation and consumer protection measures were also responsible for the policy.

According to Mustapha, current global trends have shown that there is need to regulate the activities of Virtual Assets Service Providers (VASPs) which include cryptocurrencies and crypto assets.

“Following this development, the Financial Action Task Force (FATF) also updated its recommendation to require VASPs to be regulated, to prevent misuse of virtual assets.

“In view of the foregoing,  the CBN hereby issues this guidelines to provide guidiance to financial institutions under its regulatory purview in respect of their relationship with VASPs in Nigeria.

“The guidelines supersedes the CBN circular of Feb. 5, 2021on the subject,” the director said.

He, however, warned that banks and other financial institutions were still prohibited from holding, trading or transacting in cryptocurrencies on their own account.

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BREAKING: Bruno Fernandes on Target as Manchester United Thrash Azerbaijan Outfit in Champions League Opener

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BREAKING: Bruno Fernandes on Target as Manchester United Thrash Azerbaijan Outfit in Champions League Opener—-Manchester United made a commanding return to Europe’s elite competition as goals from Matheus Cunha, Bruno Fernandes, Benjamin Šeško and Lisandro Martínez secured a 4-0 victory over Sabah Masazir at Old Trafford.

Manchester United marked their return to the UEFA Champions League in emphatic fashion, cruising to a 4-0 victory over Azerbaijani champions Sabah Masazir at Old Trafford on Thursday night.

Michael Carrick’s side took control of the contest after a cautious opening spell before eventually breaking through in the 27th minute. Matheus Cunha opened the scoring after Patrick Dorgu’s delivery created the opportunity for the Brazilian to put United ahead.

The hosts quickly took advantage of their growing dominance, with captain Bruno Fernandes doubling the advantage in the 42nd minute.

United then struck again before the interval as Benjamin Šeško found the back of the net to give the Red Devils a commanding 3-0 lead at halftime.

Sabah, appearing in the Champions League main phase for the first time in their history, struggled to cope with United’s attacking pressure and the quality of the Premier League side.

The Azerbaijani champions had a chance to pull one back during the contest, but United’s defence remained firm, with goalkeeper Senne Lammens also called upon to protect the clean sheet.

United eventually added a fourth in the 68th minute when Lisandro Martínez capitalised on confusion inside the Sabah defence to complete the rout.

The victory gives Manchester United an ideal start to their Champions League campaign after returning to Europe’s premier club competition for the first time since 2023. The result also provides a major confidence boost for Carrick’s squad ahead of Sunday’s highly anticipated Manchester derby against Manchester City.

For Sabah, the heavy defeat brought a difficult end to an otherwise historic night. The club, founded in 2017, earned their place in the Champions League after winning the Azerbaijani title and progressing through the qualifying rounds. Their appearance at Old Trafford represented their first-ever match in the main phase of the competition.

United will now look to build on the impressive European victory as they continue their Champions League campaign, while Sabah will aim to regroup for their upcoming fixtures against some of Europe’s biggest clubs.

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BREAKING: Arsenal Defeat Chelsea 2-1 at Emirates to Extend Unbeaten Run

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BREAKING: Arsenal Defeat Chelsea 2-1 at Emirates to Extend Unbeaten Run—-The Gunners came from behind after Morgan Rogers’ early opener, with Kai Havertz and Martin Ødegaard completing a comeback victory to maintain Arsenal’s perfect start to the Premier League season.

Arsenal produced another statement performance at the Emirates Stadium on Sunday, coming from behind to defeat Chelsea 2-1 and maintain their perfect start to the Premier League campaign.

Chelsea stunned the home crowd after just 77 seconds, when Morgan Rogers fired Xabi Alonso’s side into an early lead. Arsenal, however, responded strongly and gradually took control of the contest.

Kai Havertz restored parity in the 25th minute against his former club, finishing Arsenal’s sustained pressure to make it 1-1 before the break.

The Gunners continued to dominate after the restart and completed the comeback through captain Martin Ødegaard, who struck early in the second half after Havertz’s clever movement helped create the opening.

Chelsea pushed desperately for an equaliser late on, but Arsenal goalkeeper David Raya produced a crucial save to deny Estêvão and preserve all three points for the hosts.

The victory means Arsenal remain on nine points from three matches, level with Manchester City at the top of the Premier League. Chelsea, meanwhile, suffer their first league defeat of the season and remain on six points.

For Mikel Arteta, the comeback further underlined Arsenal’s championship credentials. The reigning champions showed composure after conceding their first goal of the campaign and once again demonstrated their ability to respond under pressure.

Chelsea’s defeat will be frustrating for Alonso, particularly after his side made such a fast start. Despite their attacking threat, Arsenal’s control and defensive resilience ultimately proved decisive.

The result also extends Arsenal’s remarkable unbeaten run against Chelsea to 12 matches across all competitions, further strengthening the Gunners’ recent dominance in the London derby.

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