The “Crypto Ban” Is Gone: Naira Bank Account Withdrawals Are Back!

On Friday, December 22nd, the Central Bank of Nigeria (CBN) announced that it had lifted its restriction on crypto transactions with commercial banks 🎉. Remember the CBN love letter from February 2021? Well, from now on, it no longer applies! ✨

How Quidax Kept Rolling Even After The “Crypto Ban”

When the CBN restriction came out, the entire crypto industry was shaken. But, we at Quidax were up to the challenge 💪. In less than a month, we cooked up solutions that allowed our Quidaxians to send money and work around the ban on bank transfers. With Internal Transfers and Qdirect, everyone was able to transact easily 💆‍♂️. 

But, we didn’t stop there. Now, Quidaxians can also make deposits and withdrawals via Vouchers and PocketApp (fka. Abeg) 🚀

Bank Account Withdrawals Are Back

Last month’s announcement means that you will now be able to withdraw funds via your bank account on Quidax ✅. The feature is now live on the mobile app, and it allows you to easily move your money whenever you want!

To make a withdrawal, all you have to do is:

  • Log into your Quidax account and go to your NGN wallet 
  • Tap “Withdraw,” then tap “Direct Bank Transfer” 
  • Input your withdrawal amount, choose the bank account you’d like to withdraw into
  • Enter your 2FA code, then tap “Continue.” 
  • An Email will be sent to you. Click on the link in it

Boom! Your withdrawal will be processed! 🚀

NOTE: Bank account withdrawals come with a flat fee of ₦200 

We’ve got a lot more cool stuff cooking, but this is just the tip of the iceberg 😋.


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