Peer to peer crypto trading in Nigeria

The rules in detail

Peer to peer trading means buying or selling crypto directly with a counterparty rather than through a centralised order book, whether arranged through a P2P marketplace, a chat group, or a face to face deal. Nigeria has not made this activity a crime for individuals. Crypto is legal to hold, buy, and sell, and the country has one of the largest peer to peer crypto user bases in the world. As of 2026 the governing framework is the Investments and Securities Act 2025, signed in March 2025, which classifies digital assets as securities and places virtual asset service providers under the Securities and Exchange Commission (SEC).

The line that matters runs between trading for your own account and providing a service to others. An individual swapping their own crypto for naira with a counterparty is acting for themselves and is not, by that act alone, an exchange. A person or business that runs a P2P platform, matches buyers and sellers, or acts as an exchanger is providing a virtual asset service that requires SEC authorisation and anti money laundering and Know Your Customer controls under the SEC Rules on Digital Assets and the Accelerated Regulatory Incubation Programme.

The naira side of P2P is where restriction has been concentrated. In early 2024 the Central Bank of Nigeria (CBN) and security agencies alleged that the naira P2P market on large platforms was being used to influence the exchange rate and undermine financial stability. Binance suspended naira P2P trading on 20 February 2024 and delisted the naira from its P2P service in March 2024, and Binance executives faced charges. The SEC also signalled moves to remove the naira from P2P platforms. The practical result as of 2026 is that the naira has been removed from some large international P2P services and access to certain platforms has been constrained, even though individual peer to peer trading itself was not made a criminal offence. Where the precise current scope of these measures is unclear, this page treats it as unclear rather than overstating it, and points you to the SEC and the CBN.

Tax

This is general information and not tax advice. A peer to peer disposal is taxed the same way as an exchange disposal. Under the Nigeria Tax Act 2025, effective from 2026, gains on disposals of digital assets are treated as chargeable gains within the income tax system, and collection sits with the Federal Inland Revenue Service (FIRS), which is being restructured as the Nigeria Revenue Service. A P2P trade leaves no exchange record, so the duty to keep your own record matters more, not less. Log the date, the naira value, and the counterparty for each deal, and verify your position with the FIRS or a qualified tax adviser. See the Nigeria crypto tax page.

How to act and availability

Peer to peer trading carries counterparty and fraud risk that a regulated exchange usually absorbs through escrow and identity checks. Fake payment confirmations, reversed bank transfers, and accounts frozen over disputed funds are common, and there is no consumer protection on an informal deal. Many Nigerians use a platform that engages with the SEC framework for the fiat on ramp and off ramp, then move to self custody, which keeps a clear record and reduces counterparty risk. Platforms that engage locally, such as Busha, Quidax, and Luno, serve Nigerian residents, while access to some large international platforms has been constrained since the 2024 action. Compare the exchanges that are genuinely available to Nigerian residents below.

Regulator and sources

• Securities and Exchange Commission Nigeria (SEC), sec.gov.ng, the Rules on Digital Assets and the Accelerated Regulatory Incubation Programme (ARIP)
• Investments and Securities Act 2025, signed in March 2025, classifying digital assets as securities
• Central Bank of Nigeria (CBN), cbn.gov.ng, and the 2024 measures concerning naira on P2P platforms
• Nigeria Tax Act 2025 and the Federal Inland Revenue Service (FIRS), firs.gov.ng

Frequently asked questions

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