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Nigeria

Africa · Developing

Nigeria is Africa's largest digital asset market and its most consequential regulatory experiment. The SEC's amended Digital Assets Rules created VASP, DAX and DAOP licence classes, the CBN has moved from prohibition to supervised engagement, and enforcement is now visible — including against global exchanges.

DAI Methodology v2.1 Last updated June 2026
DAI Readiness Score™
75.0
out of 100
Regulatory & Enforcement Agencies

Regulatory agencies for Nigeria — being verified. Submit a suggestion →

Regulatory status

Developing

Source unavailable
Primary regulator

Securities and Exchange Commission (SEC) · Central Bank of Nigeria (CBN)

Source
Licensing requirements

SEC Rules on Issuance, Offering and Custody of Digital Assets (2022, updated 2024) — VASP, DAX and DAOP licences.

Source
AML requirements

AML/CFT obligations under the Money Laundering (Prevention and Prohibition) Act 2022; SEC AML Regulations 2022.

Source
Travel Rule status

Partial — Required for licensed VASPs; cross-border interoperability still maturing.

Source unavailable
Tax treatment

10% capital gains tax on digital assets (Finance Act 2023).

Source unavailable
Consumer protection

SEC investor-protection rules; CBN consumer-protection framework for payments.

Source
Key risks
  • —CBN–SEC perimeter friction on stablecoins and payments
  • —Naira pressure drives P2P volume outside licensed venues
  • —Enforcement unpredictability raises market-entry risk premiums
Key legislation
2022
SEC Digital Assets Rules

Foundational licensing regime for issuers, exchanges and custodians.

Source
2023
Finance Act 2023

Introduces 10% CGT on digital asset disposals.

Source unavailable
Recent enforcement actions
2025-12
SEC action against unlicensed DAX operator
Official notice
Cease and desist + fines
2024-05
EFCC prosecution of P2P FX manipulation ring
Official notice
Criminal charges
Recent developments
2026-05-09
Second cohort granted provisional ATS licences

Four firms cleared to operate regulated digital-asset exchanges.

Source
2026-02-28
CBN refines stablecoin policy

Permits supervised naira-referenced tokens with full reserve cover.

Source unavailable
Regulatory timeline
  1. 2021

    CBN banking ban on crypto accounts; eNaira launch

  2. 2022

    SEC Digital Assets Rules issued

  3. 2023

    CBN lifts banking ban for licensed VASPs; 10% CGT

  4. 2025

    First provisional ATS licences granted

  5. 2026

    Second licensing cohort; stablecoin policy refined

Primary Sources & Official Documents
  1. 01
    FATF Recommendations (including Recommendation 15 — new technologies)
    Financial Action Task Force · Updated periodically
    https://www.fatf-gafi.org/en/topics/fatfrecommendations.html
  2. 02
    FATF Targeted Update on Implementation of the Standards on VAs and VASPs
    Financial Action Task Force · Annual
    https://www.fatf-gafi.org/en/publications/Fatfrecommendations.html
  3. 03
    High-Risk and Other Monitored Jurisdictions (grey and black lists)
    Financial Action Task Force · Updated three times a year
    https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html

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Sources:SEC Nigeria Digital Assets Rules · Finance Act 2023 (Nigeria) · CBN circulars
Professional disclaimerDigital Asset Intelligence content is provided for informational purposes only and does not constitute legal, tax, investment, or compliance advice. Regulatory positions change frequently; verify all material with primary sources and qualified counsel before relying on it for licensing, supervisory, or compliance decisions.