Nigerian Financial Professionals: Cryptocurrency Companies Partnering with CBN Will Lead the Industry in the Future

Olumide Adesina, a financial professional in Nigeria, stated that cryptocurrency companies that have been working with the Central Bank of Nigeria (CBN) will be in the best position to lead the industry in the future, following the lifting of the ban on digital assets for Nigerian banks and financial institutions on December 23. He added that Nigerian cryptocurrency participants who actively collaborate with regulatory agencies have achieved great success in lobbying the central bank to soften its previous stance. With renewed focus on financial stability, the central bank's goal is to open up the country's financial ecosystem to digital securities approved by local regulators.

When asked if the lifting of the ban would affect Nigerian cryptocurrency exchanges and P2P merchants, Adesina emphasized that despite the recent surge in altcoin holdings, the price trend of the popular stablecoin NGN/USDT confirms that activity is neither hot nor cold. These stablecoins are re-evaluating their strategies. However, Adesina stated that new stablecoins issued in collaboration with banks and local fintech companies will inject a large amount of investment into the P2P market and expand the country's financial system.