In a new 2023 Regulation for the Operation of Virtual Asset Providers in Nigeria, issued by Nigeria’s Central Bank, Nigeria has effectively lifted a previous ban that prohibited local Nigerian banks from transacting with or providing business banking services to cryptocurrency companies and virtual asset service providers (“VASPs”). The legal update highlights the categories of cryptocurrency businesses and VASPs that local Nigerian banks are now allowed to transact with as well, as some of the product and compliance considerations that are now applicable to cryptocurrency companies and VASPs operating in Nigeria.