Nigerian Crypto Laws: What You Need to Know About Crypto Regulation in Nigeria

When it comes to Nigerian crypto laws, the rules governing cryptocurrency use, trading, and taxation in Nigeria. Also known as Nigeria cryptocurrency regulation, these laws have gone from outright bans to a confusing mix of restrictions and unofficial tolerance. In 2021, the Central Bank of Nigeria (CBN) told banks to cut off services to crypto exchanges. But millions of Nigerians kept using Bitcoin and other tokens anyway—because it was the only way to send money home, pay for imports, or protect savings from inflation.

Today, the Central Bank of Nigeria, the country’s monetary authority responsible for financial policy and banking oversight. Also known as CBN, it hasn’t reversed its stance, but it also hasn’t shut down crypto entirely. Instead, it’s pushed for a state-backed digital currency—the eNaira—while quietly letting peer-to-peer trading continue. Meanwhile, the Securities and Exchange Commission (SEC) Nigeria, the government body overseeing capital markets and investment products. Also known as Nigerian SEC, it has started registering crypto platforms as digital asset service providers. That’s a big deal. It means some exchanges are now legally allowed to operate—if they jump through hoops.

But here’s the catch: while you won’t get arrested for holding Bitcoin, banks can still freeze your account if they spot crypto activity. Tax authorities are watching too. The Federal Inland Revenue Service (FIRS) says crypto gains are taxable, but no one’s really enforcing it yet. That’s why so many Nigerians trade on P2P platforms like Binance P2P or LocalBitcoins—no bank involvement, no paper trail. It’s not legal, but it’s practical.

What you’ll find in the posts below are real stories from people caught in this gray zone. From traders who lost funds to fake exchanges like NUT MONEY and Digiassetindo, to warnings about scams pretending to be official airdrops tied to Nigerian regulators. You’ll see how crypto bans in Afghanistan and China mirror Nigeria’s chaos—and why the same mistakes keep happening. There’s no sugarcoating: if you’re trading in Nigeria, you’re navigating a system that doesn’t fully accept you, but also can’t stop you. The rules are messy, the risks are high, and the rewards? Sometimes, they’re life-changing.