ARAIB-20: PASS
NGA
🇳🇬[NGA]//NIGERIA STATUTE DESK
Nigeria Commercial Banking Intermediation & Settlement Rails (2026 Statutory Guide)
JURISDICTION: Nigeria
SCHEMA: Legislation
STATUS: ENACTED BINDING LAW
AUDIT AS-OF: 2026-10-04
Permissions and prohibitions governing commercial bank relationships with crypto exchanges and customer accounts.
Operational Meaning in Practice
Commercial banks are strictly prohibited from trading, holding, or investing in crypto-assets on their own accounts. However, deposit money banks are authorized to open designated settlement accounts for SEC-licensed VASPs, subject to strict KYC, cash withdrawal bans, and transaction monitoring.
Entities Affected
- Commercial Banks
- Merchant Banks
- Payment Service Providers
- Licensed VASPs
Statutory Evolution
CBN Circular FPR/DIR/PUB/CIR/002/003 (December 22, 2023) superseded the February 2021 blanket ban (BSD/DIR/PUB/LAB/014/001), establishing regulated banking settlement rails.
Statutory Licensing & Governance Tree
Supervising Regulator(s)
Central Bank of NigeriaCBN
Securities and Exchange Commission NigeriaSEC
Primary Enacted Statute / Gazette
Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)
REF: FPR/DIR/PUB/CIR/002/003
EFFECTIVE: 2023-12-22 / STATUS: enacted_binding
Audited Permission States
Proprietary Bank TradingProhibited
Strictly prohibited on bank own account under any circumstances
Designated Settlement BankingPermitted
Permitted only for SEC-licensed VASPs; direct cash withdrawal prohibited
Verbatim Statutory Evidence (Ground Truth)
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)
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