In a significant development for the Nigerian crypto industry in 2023, the Financial Policy & Regulation Department of the Central Bank of Nigeria (CBN) has announced removing the ban on crypto transactions within the country’s financial system. This decision marks a reversal of the restriction imposed in February 2021, when the apex financial regulator prohibited banks from facilitating transactions with crypto-related entities. The initial ban had posed challenges for the growing Nigerian crypto community, affecting the ability to conduct deposits and withdrawals for crypto/fiat through bank accounts.
Despite the occurrences of the preceding year, notably marked by the introduction of the National Blockchain policy in May 2023, the prohibition persisted until December 22, 2023. On this date, the Central Bank of Nigeria (CBN) declared the lifting of the ban through an official circular.
This circular’s issuance enables Nigerian crypto investors to conduct crypto transactions seamlessly through their bank accounts, streamlining trading and transactions with digital assets across various exchanges and payment services. In response to this pivotal development, Quidax, a prominent crypto exchange in the African industry, has declared complimentary bank account deposits and withdrawals for its customers.
A Quidax executive acknowledged the significant challenge but affirmed their readiness for the task, stating, “It’s our responsibility to conduct business aligning with global best practices, navigating regulatory hurdles.”
Regarding the relaxation of restrictions, the executive welcomed the development, anticipating a positive impact on the industry and heightened cryptocurrency adoption in Nigeria. They emphasized their commitment to creating a supportive environment for crypto trading and actively contributing to its widespread adoption nationwide.
Quidax offers free deposits and withdrawals with the recent relaxation of Nigeria’s crypto transaction ban.
Quidax commemorates the recent ban relaxation by offering a special celebration: free bank account deposits and withdrawals for existing and new customers. This promotion, effective from December 24, 2023, extends over the next 30 days. During this period, Quidax customers can benefit from cost-free transactions using their bank accounts on the exchange platform.
Quidax’s leadership assures continuity despite the CBN crypto ban. With the ban lifted, the company is warmly welcoming new customers, aiming to enhance their experience.
“As we embrace the festive season, consider this our gift to Nigerians.” To get started, individuals can easily create Quidax accounts via the mobile app or web (for new users) or sign in (for existing ones). Once the necessary identity verification steps are completed, customers can enjoy the benefit of free deposits and withdrawals from their bank accounts for the next 30 days.
The Lagos-based exchange, marking its fifth anniversary, has been actively expanding. With the recent relaxation of CBN restrictions, Quidax is well-positioned to seize new opportunities.