Accounts established for virtual and digital asset dealings in Nigeria will be restricted from conducting cash withdrawals, as declared by the Central Bank of Nigeria.
Instead, these accounts will facilitate withdrawals solely through transfers or manager’s cheques, as specified in the newly introduced ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.’
The bank clarified that these accounts are intended exclusively for transactions involving virtual or digital assets and are not permitted for any other purposes.
The guideline read in part, “No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared from the account. Except for settlement of a virtual/digital assets transaction which shall be done through a transfer to another designated account, the withdrawal shall be only through a managers’ cheque or transfer to an account.”
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