The Central of Nigeria has disclosed that Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions.

It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.’

According to the bank, Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, while an account opened under its new guidelines will only be used for transactions on virtual/digital assets and not for any other purpose.

Recall that the apex bank had last month announced a policy change on crypto assets and directed banks to begin to aid crypto transactions, away from its earlier position of the restriction of crypto assets from the formal banking sector.

But the latest guideline is to serve as the framework for the reintroduction of crypto and specify how it should be managed.