Central Bank of Nigeria (CBN) issued a circular some years back advising banks and other financial institutions to take note of its stance as regards the trade of cryptocurrency. In that circular, dated January 12, 2017, the CBN seemed to have recognized the emergence of Virtual Currency Payment Products and Services (VCPPS), its interaction with New Payment Products and Services (NPPS) and the rise of Virtual Currency Exchangers. Also contained in that circular were a
The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorizations for the Nigerian Payment Systems (NLC Circular), which has made it easier to identify the licenses that apply to the Nigerian Payments System. Under the NLC Circular payments system licensing has been streamlined into four: Switching and Processing; Mobile Money Operations (MMOs); Payment Solution Services (PSSs); and Regulatory Sandbox. The following include the permissible activities for each licensing