According to Bloomberg, the Central Bank of Nigeria has issued the first guidelines for banks to open cryptocurrency accounts, while retaining regulations prohibiting banks from holding or trading virtual assets on their behalf. Last month, the Central Bank of Nigeria decided to lift the ban on banks opening accounts for crypto service providers. The new regulations only allow naira-based accounts and do not allow cash withdrawals. In addition, the number of withdrawals per quarter is limited to two. African countries such as South Africa, Botswana and Mauritius are also strengthening their regulation of cryptocurrencies.