The Central Bank of Nigeria (CBN) has removed restrictions on banks facilitating accounts for virtual assets like cryptocurrencies but has outlined specific regulations governing such accounts. According to the guidelines published by the CBN, accounts linked to virtual assets will have limitations, including no cash withdrawals and the prohibition of third-party cheque issuance. Transactions involving virtual assets bank accounts are restricted to manager’s cheques, primarily for settling virtual and digital assets transactions. Additionally, banks are required to establish special accounts solely for virtual and digital asset transactions, serving as channels for foreign exchange flows and trade. These accounts will be subject to continuous monitoring, with financial institutions required to submit monthly reports detailing account activities and related information to the CBN. The guidelines also emphasize the establishment of transaction limits for each designated account in accordance with the maximum transaction charges set by the CBN. Virtual asset service providers and operators licensed by the Securities and Exchange Commission are eligible to open and operate accounts under these regulations.