Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central Bank of Nigeria (CBN) has disclosed. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’. According …

A financial expert, Mr Okechukwu Unegbu has commended the Central Bank of Nigeria (CBN) for lifting the restrictions on cryptocurrency transactions. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The CBN had announced the reversal of the policy banning …

The Central Bank of Nigeria (CBN) has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated 22 December 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular …