Regulator: Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC)
The Investments and Securities Act, 2025 repeals the 2007 Act and establishes the Securities and Exchange Commission (SEC) as Nigeria’s apex capital market regulator. The SEC has broad powers to regulate, register, and supervise all securities, including digital and virtual assets, collective investment schemes, and exchanges (including “virtual and digital asset exchanges”). To issue or offer securities (including digital and virtual assets) to the public in Nigeria, prior SEC registration and approval are required. The Act is wide-ranging but does not explicitly mention or define stablecoins (fiat-, crypto-, commodity-, or algorithm-backed) as a special category.
Applicable Laws:
SEC Nigeria Digital Asset Guidelines - https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwj9qaLDs7ePAxVkU0EAHb6xAewQFnoECBcQAQ&url=https%3A%2F%2Fsec.gov.ng%2Fwp-content%2Fuploads%2F2022%2F05%2FRules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf&usg=AOvVaw3aGsVeV5BttJd5dJ_etTh5&opi=89978449
Investments and Securities Act, 2025 - https://home.sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf
