• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, June 2, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
Home Economy And Business

CBN Slams Fresh Restriction On Cryptocurrency Transactions

the apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers.

by NewsOnline Nigeria
January 4, 2024
in Economy And Business, Headline
0
P2P Trading Crypto Platforms

Bitcoin

CBN has slammed a fresh restriction on cryptocurrency transactions in Nigeria.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions.

 

This Nigeria news platform understands that the apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers.

 

According to the guidelines, cryptocurrency accounts shall be used for only virtual/digital assets and not for any other purpose.

 

ALSO: EFCC Freezes N30bn Moved From NSIPA Accounts Over N44bn Fraud

 

Accordingly, CBN barred cash withdrawals from cryptocurrency and noted that no third-party cheques should be cleared.

 

“Current trends globally have shown a need to regulate the activities of virtual asset service providers, which include cryptocurrencies and crypto assets.

 

“An account opened by these Guidelines shall only be used for transactions on virtual/digital assets and not for any other purpose.

 

“No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared.

 

“Except for the 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 manager’s cheque or transfer to an account,” it stated.

 

The developments come after the CBN lifted the ban on cryptocurrency in December 2023.

 

To this end, Nigeria has joined the rest of African countries like South Africa, Botswana and others to regulate the cryptocurrency market amid its susceptibility to fraud.

Previous Post

EFCC Freezes N30bn Moved From NSIPA Accounts Over N44bn Fraud

Next Post

Daily Black Market Dollar to Naira Exchange Rate Tracker, 4th January 2024

Next Post
Naira

Daily Black Market Dollar to Naira Exchange Rate Tracker, 4th January 2024

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria