Yes, Nigerians can still withdraw their money from CBEX, but recent regulatory updates have introduced new rules to be aware of.
The Central Bank of Nigeria (CBN) has rolled out fresh guidelines for cryptocurrency exchanges and Virtual Asset Service Providers (VASPs). Under these new rules, cash withdrawals from accounts used for digital asset transactions are no longer allowed. Instead, withdrawals must now be made through bank transfers or manager’s cheques.
Another key change is the transaction settlement period—now extended to T+3. This means it could take up to three working days for your funds to be fully processed and accessible.
These changes are part of the CBN’s effort to tighten oversight and reduce the risks of fraud and money laundering in the digital asset space. While withdrawals are still very much possible, users may experience some delays and stricter procedures.
In short: your money is not stuck—but expect more structured, non-cash withdrawal processes.
