Regulator: Securities and Exchange Commission (SEC) Nigeria (primary for stablecoin issuance and VASPs); Central Bank of Nigeria (CBN) (banking relationships and monetary stability)
The primary law is the Investment & Securities Act (ISA) 2025, which classifies stablecoins as securities under SEC oversight. Issuers must register as VASPs and comply with capital, governance, KYC/AML, disclosure, and transparent reserve management requirements under the SEC Amended VASP Rules (2025). The first regulated naira-pegged stablecoin (cNGN) launched in February 2025. A proposed Virtual Asset Service Providers Regulation Bill, 2026 is advancing in the Senate but does not alter the live framework.
Applicable Laws:
Rules on Issuance, Offering Platforms and Custody of Digital Assets - https://sec.gov.ng/documents/8/Rules-on-Issuance-Offering-and-Custody-of-Digital-Assets.pdf
Investments and Securities Act, 2025 - https://home.sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf
Central Bank of Nigeria Circular on Cryptocurrency (BSD/DIR/PUB/LAB/014/001) - https://www.cbn.gov.ng/Out/2021/CCD/Letter%20on%20Crypto.pdf
Central Bank of Nigeria Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs) - https://www.cbn.gov.ng/Out/2024/FPRD/GUIDELINES%20ON%20OPERATIONS%20OF%20BANK%20ACCOUNTS%20FOR%20VIRTUAL%20Asset%20Providers.pdf
Virtual Asset Service Providers Regulation Bill, 2026 (Proposed) -
