How is crypto regulated in Nigeria?

Crypto regulation in Nigeria is led by the Securities and Exchange Commission (SEC), which gained clear legal power over digital assets in 2025. Crypto is not banned for individuals, and as of October 2026, exchanges and other crypto service providers must be registered with the SEC and meet its capital rules to operate legally.

Is crypto legal in Nigeria?

Yes. Nigerians can hold and trade crypto, and the country now has a law that names digital assets directly. The Investments and Securities Act 2025, signed by President Bola Tinubu on March 31, 2025, replaced the 2007 law and added "virtual and digital assets" to the legal definition of securities.

The same law lets the SEC register and supervise digital asset exchanges and virtual asset service providers (VASPs). It also targets Ponzi and pyramid schemes, with fines of at least N20 million and prison terms of up to 10 years for promoters. Those penalties apply to prohibited schemes generally, which matters in a market with many common crypto scams.

What was the CBN crypto ban?

On February 5, 2021, the Central Bank of Nigeria told banks and other financial institutions not to facilitate crypto transactions. It did not make owning crypto illegal, but it cut exchanges off from bank accounts, so many users switched to peer-to-peer trading.

On December 22, 2023, the CBN issued guidelines on bank accounts for VASPs, which ended that restriction. Banks may now open accounts for crypto businesses, provide settlement services and handle related foreign exchange flows, as long as they run money laundering controls. A crypto business must hold an SEC licence before a bank can open an account for it.

What does SEC Nigeria require from crypto platforms?

The SEC sorts crypto firms into categories and sets a minimum capital for each. A circular dated January 16, 2026 raised those amounts.

• Digital asset exchanges and digital asset custodians rose from N500 million to N2 billion.
• Digital asset offering platforms rose from N500 million to N1 billion.
• New categories were added, including real-world asset tokenization platforms at N1 billion and ancillary service providers at N300 million.

Firms have until June 30, 2027 to comply. Those that miss it risk having their registration suspended or withdrawn. For more on what an exchange does, see what a crypto exchange is.

What should users check?

Because the SEC now registers crypto platforms, a user can ask whether a service is registered before depositing money. Registration does not protect against price swings or guarantee a platform will stay solvent. Nigeria's approach fits a wider global trend toward licensing, which you can compare in crypto regulation around the world.

Rules differ by country and change often. Check the official regulator or a qualified professional for your own situation.