Is crypto legal in Nigeria?

Is crypto legal in Nigeria? Yes. After years of mixed signals, Nigeria now regulates crypto instead of restricting it: the Central Bank lifted its ban on banks serving crypto firms in December 2023, the Investments and Securities Act 2025 treats digital assets as securities, and the SEC licenses platforms. Here is what that means for you, as of October 2026.

Information, not legal advice. Check the SEC Nigeria and the revenue service for current rules.

From ban to regulation

• 2021: the Central Bank of Nigeria told banks to close accounts of crypto businesses. Nigerians moved to P2P trading.
• 2022: the SEC published rules on digital assets.
• December 2023: the CBN lifted the ban and issued guidelines for banks serving virtual asset providers.
• 2024: the government clashed with large foreign exchanges over the naira rate; one removed the naira from its P2P market.
• 2025: the Investments and Securities Act 2025 recognised digital assets as securities under SEC oversight.

The rules now

Buying, holding and selling crypto is legal for individuals. Exchanges and custodians that serve Nigerians must be registered or approved by the SEC Nigeria, which publishes the list of approved platforms. Crypto is not legal tender; the naira and the eNaira are. Using an approved platform gives you a regulated route for naira deposits and withdrawals.

Tax on crypto

Nigeria's tax reform that took effect on 1 January 2026 treats gains from digital assets as taxable. Keep records of purchase prices and sales, and declare gains with your other income. Low incomes are exempt under the new rules. For the exact rates, check the official revenue service or a tax adviser.

P2P and banks

P2P trading is still common. It is legal, but be careful with third-party payments and fake alerts; the steps and traps are in USDT to naira. Banks may still ask about frequent transfers; keep trade records.

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More: how to make money online in Nigeria and crypto laws by country.

Quick answers

Is crypto legal in Nigeria now?

Yes. Individuals can buy, hold and sell crypto, and platforms are regulated by the SEC.

Did the CBN ban crypto?

In 2021 it told banks to close crypto firms' accounts, and in December 2023 it lifted that ban.

Is crypto taxed in Nigeria?

Yes. Since 2026, gains from digital assets are taxable under the reformed tax law.

Is P2P trading legal in Nigeria?

Yes, but watch for fake alerts and third-party payments.