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<p>Nigeria’s central bank, CBN, has put out new rules for cryptocurrency transactions, days after removing the ban on virtual asset transactions.</p> 
<h2 id="cbn-brings-crypto-providers-within-a-banking-framework">CBN brings crypto providers within a banking framework</h2> 
<p>Last week, the Central Bank of Nigeria relaxed its regulations, permitting virtual asset service providers, including cryptocurrency exchanges, to <a href="https://coingape.com/just-in-central-bank-of-nigeria-cbn-revokes-banking-restrictions-on-crypto-players/">operate bank accounts,</a> marking a major shift from its earlier ban.</p> 
<p>Now, the new guidelines prohibit cash withdrawals and issuance of third-party cheques from holders of crypto bank accounts. Business Post <a href="https://businesspost.ng/banking/cbn-prohibits-crypto-bank-account-holders-from-cash-withdrawal/#google_vignette">cited</a> CBN circular, noting, “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,”</p> 
<h2 id="nigeria-to-embrace-digital-assets-after-long-standing-bans">Nigeria to embrace digital assets after long-standing bans</h2> 
<p>Nigeria has finally stepped into the realm of digital assets after a heavy ban on transactions of cryptocurrency. The country potentially has the <a href="https://coingape.com/breaking-nigeria-becomes-first-african-nation-to-launch-a-cbdc/">power to become</a> a hub of digital transactions in the region, according to a Google trends analysis.</p> 
<p>The ban was imposed in 2021 after a bunch of people used cryptocurrencies to fund a nationwide protest in October 2020.</p> 
<p>However, the new guidelines by the country’s central bank stem from the belief that “Nigeria can no longer afford to keep pushing digital assets underground, for obvious economic and security reasons.”</p> 
<p><span data-preserver-spaces="true">Earlier in May,&nbsp;</span><span data-preserver-spaces="true">Nigeria’s</span><span data-preserver-spaces="true">&nbsp;Securities and Exchange Commission also <a href="https://coingape.com/just-in-central-bank-of-nigeria-cbn-revokes-banking-restrictions-on-crypto-players/">started mulling</a> digital rules to allow the listing of tokens.</span></p> 
<h2 id="cbn-restricts-banks-from-using-digital-assets-for-their-use">CBN restricts banks from using digital assets for their use</h2> 
<p>Despite the new sigh of relief in digital and virtual asset transactions in Nigeria, banks will still not be allowed to use cryptocurrencies for their personal use.&nbsp; The restrictions come in the wake of stricter regulatory measures globally. This is possibly to ensure that crypto-based transactions are not misused by Nigerians.</p> 
<p>CBN has also ordered financial institutions to not open or permit the operation of any account by any person to conduct the business of virtual/digital assets unless that account is designated for that purpose and opened in line with the laid-down guidelines.</p> 
<p>The post <a href="https://coingape.com/cbn-modifies-crypto-policy-restricts-cash-withdrawals-imposes-tight-transaction-rules/">CBN Modifies Crypto Policy: Restricts Cash Withdrawals, Imposes Tight Transaction Rules</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

CBN Modifies Crypto Policy: Restricts Cash Withdrawals, Imposes Tight Transaction Rules

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