Nigerian crypto exchange Yellow Card leadership, Chief data protection officer and vice president of legal, commercial and product, Lasbery Oludimu recently stated that the central bank guidelines could effect positive change within the traditional financial institutions, creating opportunities in the Nigerian crypto space .

Nigerian crypto exchange Yellow Card emphasized that, lifting the crypto transactions ban opened opportunities for legitimacy and integration in the traditional financial systems and Its operations with the user-base crypto transactions.

Lasbery Oludimu, the Chief data protection officer and vice president of legal, commercial and product, Yellow Card, added that the peer-to-peer market which was once dominant during the ban, will spike with increase banking support and this may foster competition and innovation in the Nigerian crypto space .

Oludimu confirmed that, the exchange believes that there will be a spike in the cryptocurrency usage in Nigerian crypto exchange platforms in 2024. Due to the CBN's new guidelines and lifting of ban on crypto transactions, she ensured that this development will facilitate structural environment and regulations of crypto transactions.

" The decision is a step in the right direction to foster innovation, as well as provide a conducive environment for legitimate businesses like yellow card to operates, thereby benefiting users, increasing the Crypto adoption rate in Nigeria and the broader crypto ecosystem "

Explaining the positive impact of the central bank guidelines, Oludimu stated that the policy creates a positive regulated environment, boosting confidence and trust in the Nigerian crypto sector. Due to the clarity provided by regulatory framework, Yellow Card expects increased user adoption and engagement, attracting more investors to the crypto space in the fast coming 2024.

Furthermore, she said, Yellow Card plans also to seek strategic partnership, develope its user base and contribute to advancing Nigeria's digital assets ecosystem by implementing critical innovative solutions aligned with the newly established guidelines.

The CBN Released Guidelines for Digital Assets

To allow digital assets service providers which include crypto assets organizations and cryptocurrencies to open account with Nigerian banks on Dec. 22, 2024.

This came after two years of central bank restrictions to banks and other financial institutions from operating account for cryptocurrency service providers.

Finally, reentry of banks will transform crypto ecosystem in Nigeria, introducing increased competition and enhance transaction efficiency . CBN guidelines will explore collaboration with traditional financial institutions, paving ways for greater integration between traditional finance and digital assets.