The Central Bank of Nigeria (CBN) has issued a directive barring cash withdrawals from accounts opened for virtual and digital assets transactions.
Rather, operators of the virtual and digital assets accounts can only make withdrawals from these accounts by transfer or through a manager’s cheque, the apex bank explained in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’ issued yesterday but dated December 28, 2023.
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.
