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Africa Digital Assets
Regulatory Intelligence
ARAIB-20: PASS
NGA
🇳🇬[NGA]//JURISDICTION STATUTE COMPLIANCE

Nigeria Digital Asset Regulatory Framework

REGION: West Africa
CURRENCY: NGN
POSTURE:
AUDIT AS-OF: 2026-10-04

Dual regulatory regime under Securities and Exchange Commission (SEC) rules for digital assets and Central Bank of Nigeria (CBN) circulars for commercial banking settlement rails.

Topical Statutory Guides for Nigeria

Granular breakdown of specific statutory requirements, licenses, and official gazette citations.

VASP & Exchange Licensing Requirements

Official authorization procedures, incorporation rules, and regulatory capital requirements for virtual asset service providers.

EXPLORE STATUTORY RULES

Stablecoin Issuance & Settlement Regulations

Rules governing fiat-referenced tokens, payment processing, reserve asset custody, and interbank settlement accounts.

EXPLORE STATUTORY RULES

Commercial Banking Intermediation & Settlement Rails

Permissions and prohibitions governing commercial bank relationships with crypto exchanges and customer accounts.

EXPLORE STATUTORY RULES

Digital Asset Legal Classification & Token Offering Rules

Statutory definitions of virtual currencies, securities qualification, and token offering frameworks.

EXPLORE STATUTORY RULES

Digital Asset Taxation & Transaction Withholding

Direct tax rates, capital gains obligations, withholding rules, and revenue authority directives.

EXPLORE STATUTORY RULES
Supervising Authorities
Central Bank of Nigeria
CBN
CATEGORY: CENTRAL BANK / STATUS: ACTIVE
Securities and Exchange Commission Nigeria
SEC
CATEGORY: REGULATOR / STATUS: ACTIVE
Permitted & Prohibited Activities
Proprietary Bank TradingProhibited
Strictly prohibited on bank own account under any circumstances
REF: FPR/DIR/PUB/CIR/002/003 (Section 6.1(a))
Designated Settlement BankingPermitted
Permitted only for SEC-licensed VASPs; direct cash withdrawal prohibited
REF: FPR/DIR/PUB/CIR/002/003 (Section 4.0)
Fiat Crypto BrokeragePermitted
Requires CAMA local incorporation and NGN 500M capital
REF: SEC/DA/2022 (Part C Section 13)
Enacted Primary Statutes & Binding Circulars
Statute / Circular TitleOfficial ReferenceLegal StatusEffective DateOfficial Gazette
Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)FPR/DIR/PUB/CIR/002/003ENACTED BINDING2023-12-22GAZETTE
Rules on Issuance, Offering Platforms and Custody of Digital AssetsSEC/DA/2022ENACTED BINDING2022-05-14GAZETTE
Letter on Virtual Currency OperationsBSD/DIR/PUB/LAB/014/001AMENDED2021-02-05GAZETTE
Primary Statutory Evidence Extracts
FPR/DIR/PUB/CIR/002/003 / Section 6.1(a), Page 6
“No financial institution shall hold, trade or transact in virtual assets on its own account (proprietary trading is strictly prohibited).”
Source: Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)
FPR/DIR/PUB/CIR/002/003 / Section 4.0, Page 4
“A financial institution may open a designated settlement account for a company licensed by the Securities and Exchange Commission (SEC) to operate as a Virtual Asset Service Provider (VASP).”
Source: Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)
SEC/DA/2022 / Part C Section 2.1, Page 8
“An applicant seeking registration as a Virtual Asset Service Provider shall be a body corporate incorporated under the Companies and Allied Matters Act (CAMA) with a registered office in Nigeria.”
Source: Rules on Issuance, Offering Platforms and Custody of Digital Assets