Crypto in Nigeria: legality, rules, and tax
Crypto is legal to hold, buy, and sell in Nigeria, and it is now formally regulated. As of March 2025, the Investments and Securities Act 2025 classifies digital assets as securities under the Securities and Exchange Commission (SEC), and the Central Bank of Nigeria (CBN) removed its 2021 banking restriction in December 2023. Exchanges must be licensed by the SEC, and digital asset gains became taxable under the Nigeria Tax Act 2025.
The legal status
Owning and trading crypto is lawful for individuals in Nigeria. There is no ban on holding digital assets, and the country has one of the largest crypto user bases in the world. What changed over recent years is the move from an uncertain, restricted environment to a defined regulatory framework with a named lead regulator.
Regulation: the SEC and the Investments and Securities Act 2025
In March 2025 President Bola Tinubu signed the Investments and Securities Act 2025, which formally recognises digital assets as securities and places virtual asset service providers, including exchanges, custodians, and brokers, under the oversight of the Securities and Exchange Commission (SEC). This gave the SEC a clear statutory basis to license and supervise the sector.
The SEC had already begun bringing platforms inside the perimeter. Its Rules on Digital Assets date from 2022, and in June 2024 it launched the Accelerated Regulatory Incubation Programme (ARIP) to onboard operators while full rules were finalised. Under that programme the SEC granted approval in principle to local exchanges including Busha and Quidax, the first digital asset exchanges to receive that status. All exchanges and virtual asset service providers must obtain SEC authorisation to operate legally, and must apply anti money laundering and counter terrorism financing controls.
The Central Bank of Nigeria
The CBN restricted banks from servicing crypto businesses through a February 2021 circular. It reversed that position in December 2023, issuing guidelines that allow banks to open designated accounts for licensed virtual asset service providers, subject to strict conditions. The CBN does not recognise crypto as legal tender, but banks may now serve SEC regulated platforms, which reconnected the sector to the formal banking system.
Enforcement has been part of the story. In 2024 the authorities took action against Binance, detaining executives, and Binance disabled its naira services. The practical result is that access to some large international platforms has been constrained, while locally engaged platforms have grown.
Tax
Crypto is taxable in Nigeria. Under the Nigeria Tax Act 2025, which takes effect from 2026, gains on disposals of digital assets are treated as chargeable gains and brought into the income tax system, and virtual asset service providers face corporate income tax and reporting duties. The tax authority is the Federal Inland Revenue Service (FIRS), which is being restructured as the Nigeria Revenue Service. See the Nigeria crypto tax page for detail. This is general information, not tax advice, so verify your position before filing.
Availability and how to act
Crypto is available to buy and sell in Nigeria through platforms that engage with the new framework. The SEC granted approval in principle under its Accelerated Regulatory Incubation Programme to local exchanges including Busha and Quidax, and platforms such as Luno also serve Nigerian users. Several large international platforms have been harder to access since the 2024 enforcement action against Binance, which detained executives and led Binance to disable its naira services, so availability varies by platform as of 2026. Compare the exchanges that are genuinely available to Nigerian residents before choosing one.
Compare available exchanges in Nigeria
See the platforms that are genuinely available to residents, with their registrations and how to sign up compliantly.
Compare available exchangesRegulator and sources
- Securities and Exchange Commission Nigeria (SEC), sec.gov.ng, including the Rules on Digital Assets and the Accelerated Regulatory Incubation Programme (ARIP)
- Investments and Securities Act 2025 (signed into law in March 2025), classifying digital assets as securities
- Central Bank of Nigeria (CBN), cbn.gov.ng, including the December 2023 guidelines for accounts of virtual asset service providers
- Nigeria Tax Act 2025 and the Federal Inland Revenue Service (FIRS), now being restructured as the Nigeria Revenue Service, firs.gov.ng
Frequently asked questions
Is crypto legal in Nigeria?
Yes. Holding, buying, and selling crypto is legal for individuals as of 2026. Digital assets are classified as securities under the Investments and Securities Act 2025 and regulated by the SEC.
Who regulates crypto in Nigeria?
The Securities and Exchange Commission (SEC) is the lead regulator for digital assets, which are treated as securities. The Central Bank of Nigeria (CBN) governs how banks interact with the sector.
Did Nigeria ban crypto?
The CBN restricted banks from servicing crypto firms in February 2021, but it removed that restriction in December 2023 and issued guidelines for accounts of licensed providers. Crypto holding and trading by individuals was not itself criminalised.
Is crypto taxed in Nigeria?
Yes. The Nigeria Tax Act 2025, effective from 2026, treats gains on digital asset disposals as chargeable gains within the income tax system, and virtual asset service providers face corporate income tax and reporting duties. This is not tax advice.
Which exchanges are available in Nigeria?
Locally engaged platforms such as Busha and Quidax received SEC approval in principle under the ARIP, and platforms such as Luno serve Nigerian users. Access to some international platforms has been constrained since the 2024 action against Binance. Verify availability before signing up.
Is Binance available in Nigeria?
Access has been constrained since the 2024 enforcement action, when executives were detained and Binance disabled its naira services. Availability of specific features can change, so confirm the current position before relying on any platform.
The Compliance Ledger
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