Forbes believes the price of XRP is set for influence with the lifted restrictions on banks’ crypto transactions in Nigeria.
XRP tops the list of prominent digital assets yet to engineer a sensational trajectory amid the unfolding bull market. Data indicates that XRP has maintained a consistent price range for 30 days without surpassing the $0.6 threshold.
However, Forbes senior contributor Billy Bambrough has argued the trend is about the change with a pivotal development from the apex bank of Nigeria, a country with one of the highest crypto adoption rates.
XRP Set for Impact Amid Lifted Restriction on Banks’ Crypto Handling
In particular, Forbes’ Bambrough cited that the Central Bank of Nigeria (CBN) has reversed its position on cryptocurrency, directing banks to ignore its 2021 prohibition on crypto transactions.
The directive was outlined in a circular dated December 22, with reference number FPR/DIR/PUB/CIR/002/003. Haruna Mustafa, the Director of CBN’s Financial Policy and Regulation Department, endorsed it.
Forbes has stated that Nigeria’s decision to lift restrictions on banks’ crypto transactions could substantially impact the price of XRP. Specifically, Bambrough noted the CBN’s reversal of its ban on commercial banks delivering services to crypto exchanges has the potential influence on major cryptocurrencies, with XRP taking center stage.
“This is big news,” exclaimed Jeremy Allaire, CEO of USDC stablecoin issuing company Circle, highlighting the magnitude of the decision.
This is big news https://t.co/jDOqD7IWto
— Jeremy Allaire (@jerallaire) December 23, 2023
Furthermore, Bambrough highlighted that despite the previous ban, Nigeria has witnessed a sharp increase in crypto usage. In particular, a Chainalysis report from September revealed that Nigeria’s volume of crypto transactions surged by 9% year-over-year. It reached $56.7 billion between last year and this year.
This outcome solidified the country’s position as one of the world’s leading adopters of blockchain technology.
According to the Forbes contributor, economic challenges, such as currency devaluation and rising inflation, have fueled interest in Bitcoin and other cryptocurrencies in Nigeria.
Moyo Sodipo, co-founder of the Nigeria-based crypto exchange Busha, explained:
“People are constantly looking for opportunities to hedge against the devaluation of the naira and the persistent economic decline since Covid.”
Ultimately, Bambrough believes the lifted restrictions will further accelerate the growth of the crypto market in Nigeria.
