Nigeria Cryptocurrency Regulation: What’s Legal, What’s Not, and How Nigerians Are Bypassing the Rules
When it comes to Nigeria cryptocurrency regulation, the official stance from the Central Bank of Nigeria is a hard ban on crypto transactions through banks, but enforcement is patchy and adoption is booming. Also known as Nigerian crypto policy, it’s one of the most contradictory frameworks in the world: outlawed by institutions, embraced by millions. The Central Bank of Nigeria shut down crypto banking access in 2021, warning financial institutions not to serve crypto exchanges. But that didn’t stop people—it just pushed them underground.
What happened next? Nigerians turned to Binance Nigeria, a peer-to-peer trading platform that became the backbone of the country’s crypto economy. Also known as P2P crypto trading Nigeria, it let users buy Bitcoin with local currency through mobile money, cash deposits, and even informal agents. Over 20 million Nigerians now use crypto—mostly for remittances, inflation protection, and small business payments. The naira’s collapse made crypto not just convenient, but necessary. Meanwhile, the government keeps talking about regulation, but hasn’t delivered a clear legal framework. Instead, they’ve cracked down on exchanges, blocked websites, and arrested traders—yet crypto usage keeps growing. Why? Because the system failed people first.
There’s a pattern here. When countries like Tunisia, a nation that banned crypto outright in 2018. Also known as Tunisian crypto ban, tried to shut it down, citizens still found ways to trade. The same thing happened in Bangladesh and Thailand, where bans led to hidden markets, not compliance. Nigeria’s story isn’t unique—it’s predictable. People want financial freedom. Governments fear losing control. The result? A war of attrition where users win by simply refusing to stop.
What you’ll find in these posts are real stories from Nigeria’s crypto underground: how traders avoid detection, which platforms still work, how much money is moving, and what the Central Bank of Nigeria really thinks behind closed doors. You’ll also see how this mirrors other countries where crypto was banned but never beaten. This isn’t theory. It’s survival. And it’s happening right now, in real time, in Lagos, Abuja, and Port Harcourt.
- By Eva van den Bergh
- /
- 17 Nov 2025
Central Bank of Nigeria Crypto Policy Evolution: From Ban to Regulation
From banning crypto in 2021 to fully regulating it by 2025, Nigeria's Central Bank shifted from resistance to control. Learn how the SEC now oversees licensed exchanges and why banks can finally support crypto again.