Nigeria has ordered tougher oversight of cryptocurrency transactions and digital payments, with President Bola Tinubu directing the Central Bank of Nigeria (CBN) and other agencies to “track” flows tied to stablecoins and non-bank rails.
This statement was carried by multiple local reports from the closing day of the Chartered Institute of Bankers of Nigeria (CIBN) annual conference in Abuja. The push lands as the CIBN gathering focused on the intersection of banking, policy, and technology.
The directive builds on rules already in place. In December 2023 the CBN lifted its de-facto banking ban and issued formal guidelines for banks’ relationships with VASPs, including KYC, monitoring, and reporting requirements. The guideline document explicitly supersedes the 2017 and 2021 circulars.
On the capital-markets side, Nigeria’s Investments and Securities Act 2025 (ISA 2025) is now law and brings digital assets under SEC oversight. SEC Nigeria has long held that crypto assets are securities unless proven otherwise and maintains rulebooks for token offerings, exchanges, and custodians, giving regulators legal tools to enforce disclosures and surveillance.
International pressure is also pushing Abuja toward deeper monitoring. In July, the IMF urged Nigeria to tighten supervision of crypto assets, deploy analytics, and enforce rules to curb capital flight, FX speculation, and financial crime.
Why now
Nigeria’s retail demand has shifted to stablecoins for savings, remittances, and P2P FX. Recent research places Nigeria at or near the top of global stablecoin adoption.
Authorities argue that opaque OTC and P2P flows can pressure the naira and complicate monetary policy. The government’s ongoing Binance litigation, seeking massive damages and back taxes, shows the enforcement backdrop that today’s “track it” message slots into.
What changes for web3 companies and traders
Expect stricter KYC/AML and on-chain monitoring at exchanges and fintechs as banks apply the CBN’s VASP rules more aggressively. Account reviews and re-verification waves are likely.
Licensing matters more. With ISA 2025 in force and SEC rules live, operating without appropriate registration (or the SEC’s incubation processes) will be riskier.
P2P and stablecoin corridors may see reporting thresholds, suspicious-flow flags, and closer cooperation between CBN, SEC and law enforcement, moves the IMF has recommended.
The tax angle
Nigeria’s new tax code references digital assets, but implementation of the broader tax act has been delayed to Jan. 1, 2026, per the finance minister this week. That buys time for clearer guidance on crypto gains and transaction reporting while surveillance ramps up.
Bottom line
Today’s directive doesn’t invent new rules, it signals tougher enforcement of the framework Nigeria has built since late 2023: bank-level controls for VASPs, securities-law coverage under ISA 2025, and a policy stance shaped by IMF advice and high-profile cases.
For users and builders, the near-term playbook is simple: use licensed venues, keep clean audit trails, and prepare for more data-sharing across banks, exchanges, and regulators.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
