the Central bank of Nigeria has disclosed that cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions.
The apex bank explained that withdrawals from these accounts will only be possible by transfer or through a manager’s cheque. It revealed this in new Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.
According to the bank, an account opened under its new guidelines will only be used for transactions on virtual/digital assets and not for any other purpose.
In its new policy direction, the bank stated that it was more open to the idea of regulation rather than its earlier position of the restriction of crypto assets from the formal banking sector. The guideline, published alongside the circular, is meant to serve as the framework for the reintroduction of crypto into the formal banking sector.