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CBN Lifts Ban on Cryptocurrency: How it Benefits NigeriansNigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such. The CBN banned commercial banks from engaging in cryptocurrency transactions in , but. The legal status of cryptocurrencies in Nigeria is ambiguous, unlike other countries where there is a clear ban. According to a study by price tracker CoinGecko.