Nigeria Eases Crypto Withdrawal Rules Amid Growing Regulation

In Nigeria, withdrawing cryptocurrency to a bank account has become more accessible due to recent regulatory changes. The Securities and Exchange Commission (SEC) now has clearer authority to regulate crypto-related activities and service providers.

The country's crypto rules have evolved significantly since 2021, when the Central Bank of Nigeria restricted banks from facilitating crypto transactions. In 2023, new guidelines allowed regulated financial institutions to maintain accounts for eligible Virtual Asset Service Providers (VASPs). The Investments and Securities Act 2025 formally recognized digital assets within Nigeria's investment framework.

To withdraw crypto to a Nigerian bank account in 2026, users can choose a platform that supports naira withdrawals or peer-to-peer trading. Most exchanges require Know Your Customer (KYC) verification before allowing fiat withdrawals. The exact process depends on the exchange, but the general steps are similar: complete identity verification, transfer crypto to the exchange, convert it to naira, and withdraw naira to a bank account.