From prohibition to perimeter
Nigeria’s trajectory is instructive because it reversed. In 2021 the Central Bank directed banks not to service cryptocurrency businesses and to close related accounts. Trading did not stop — it moved to peer-to-peer channels, which is what usually happens when a payments-layer restriction meets genuine demand.
The position subsequently shifted toward supervision rather than exclusion, with the Securities and Exchange Commission developing rules for digital asset offerings and platforms.
Why the reversal matters beyond Nigeria
The episode is the clearest large-market demonstration that restricting banking access changes where activity happens rather than whether it happens — and that the displaced activity is harder to supervise, not easier. It is regularly cited in policy debate elsewhere for exactly that reason.
What a user can check
Because the framework has been developing rather than settled, this page is deliberately general. The SEC’s own register and published rules are the authority on which platforms are registered and what is required of them, and they should be checked directly rather than relied on through a summary.
Tax
Gains on disposals of digital assets fall within Nigerian capital gains tax. The Federal Inland Revenue Service publishes the operative guidance.
Sources
- Securities and Exchange Commission (Nigeria), Rules on digital assets (1 Jan 2026)
Not legal or tax advice. This is a summary of published rules, not legal or tax advice. Rules change; check the primary sources linked above.
Last reviewed by Conisec Staff. Review cadence: Quarterly.