ARAIB-20: PASS
NGA
🇳🇬[NGA]//NIGERIA STATUTE DESK
Nigeria VASP & Exchange Licensing Requirements (2026 Statutory Guide)
JURISDICTION: Nigeria
SCHEMA: GovernmentPermit
STATUS: ENACTED BINDING LAW
AUDIT AS-OF: 2026-10-04
Official authorization procedures, incorporation rules, and regulatory capital requirements for virtual asset service providers.
Operational Meaning in Practice
Operating an exchange, token issuance desk, or custodial wallet in Nigeria strictly mandates local incorporation under CAMA and SEC registration (or ARIP incubation). Cross-border entities cannot serve Nigerian residents without local corporate presence and minimum capital of NGN 500,000,000.
Entities Affected
- Virtual Asset Service Providers (VASPs)
- Digital Asset Offering Platforms (DAOP)
- Digital Asset Custodians (DAC)
- Virtual Asset Trading Exchanges
Statutory Evolution
In May 2022, SEC enacted the Digital Asset Rules. In 2024, SEC opened the Accelerated Regulatory Incubation Programme (ARIP), establishing formal regulatory approvals for digital asset brokerages.
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
Fiat Crypto BrokeragePermitted
Requires CAMA local incorporation and NGN 500M capital
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)
Evaluate a Specific Use-Case in Nigeria
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