Nigeria's central bank to draft crypto rules with SEC - CryptoRank

Central Bank of Nigeria Governor Olayemi Cardoso announces collaboration with the Securities and Exchange Commission to develop comprehensive regulatory frameworks for digital assets and cryptocurrencies.

Nigeria is moving toward structured cryptocurrency regulation after lifting its 2021 banking ban on digital assets in December 2023. The Central Bank of Nigeria and SEC are partnering to create sustainable frameworks that address all regulatory aspects of digital currencies, including taxation policies. This collaborative approach aims to rebuild investor confidence while managing the challenges Nigeria faced when crypto trading surged during previous restrictions.

• CBN and SEC partnership focuses on developing comprehensive digital asset regulatory frameworks
• Nigeria lifted its cryptocurrency banking ban in December 2023 after two years of restrictions
• New regulations will include taxation of eligible cryptocurrency transactions
• Ongoing policy reforms aim to attract global investors and rebuild economic confidence