Nigeria’s apex bank expanded on its decision to reverse a crypto ban on financial service providers, providing clear rules to oversee operations moving forward. 

The Central Bank of Nigeria (CBN) announced stringent rules for banks as the watchdog pivoted away from a blanket crypto ban toward regulation for virtual asset service providers, citing a need to align with global trends underpinned by blockchain technology and digital assets. 

According to the CBN, operators like crypto exchanges and digital asset brokers can only open naira-denominated bank accounts. Nigeria’s top bank also said cash withdrawals are prohibited, and companies cannot clear third-party checks via their crypto accounts. Other withdrawal types will be limited to two per quarter as well.