Share on LinkedInShare on LinkedIn

ARTICLE · 15 MARCH 2024

Navigating The Regulatory Headwinds For Crypto Exchanges In Nigeria

Templars
Templars
Contributor
Explore more from Templars

In the past few weeks, the Central Bank of Nigeria (CBN) appears to have taken several steps to defend the continuous devaluation or rather rapid free fall of the Naira since its floatation in June 2023.

NigeriaTechnology
Zelda Akindele
Zelda Akindele
Victor Sameria
Victor Sameria

In the past few weeks, the Central Bank of Nigeria (CBN) appears to have taken several steps to defend the continuous devaluation or rather rapid free fall of the Naira since its floatation in June 2023. Through a mix of regulatory actions, the CBN has issued at least ten circulars / guidelines since 1 January 2024 primarily aimed at sanitising the FX ecosystem.

In what is widely considered to be an intensified effort to reduce the pressure on the Naira which has suffered an over 100% devaluation since last year,1 the CBN through the Nigerian Communications Commission (NCC) has reportedly ordered mobile network operators (MNOs) and internet service providers (ISPs) to block the domains of several global crypto exchanges on the grounds of alleged forex market manipulation which the CBN and other government agents have variously referred to as the blatant fixing of the exchange rate for Nigeria.2 We note however, that despite these allegations at this time there

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Virtual Asset Service Provider (VASP) Licences In Kenya & Nigeria - What You Need To Know

Kenya and Nigeria are formalizing their digital asset markets through Virtual Asset Service Provider (VASP) licensing frameworks. While both countries require regulatory approval for crypto operations, their licensing categories, capital requirements, and compliance expectations differ significantly. Understanding these distinctions is essential for fintech founders and financial institutions seeking to enter or expand in these African markets.
NigeriaTechnology
Pavestones
Pavestones
Article

Nigeria’s National Digital Cloud Policy: Key Provisions And Implications For Business

On 17 August 2026, Nigeria's Federal Government released its National Digital Cloud Policy, superseding the 2019 framework to establish a domestic cloud and data infrastructure ecosystem. The Policy introduces fiscal and regulatory incentives for qualifying investors, mandates cloud-first adoption across government agencies, and implements a four-tier sovereign data classification system that confines data residency requirements to specific categories rather than imposing blanket localisation.
NigeriaTechnology
Templars
Templars
Article

Nigeria’s Deep Offshore Tax Incentives Order 2026: Eligibility, Credits And Conditions

On 6 August 2026, President Bola Ahmed Tinubu signed the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, consolidating fiscal incentive measures into a single framework for deep offshore developments. The Order introduces a Supplementary Production Tax Credit and a Profit Oil Reset for qualifying greenfield projects, requiring approval by the Nigeria Revenue Service and compliance with Nigerian content requirements.
NigeriaTax
Templars
Templars
Article

Nigeria’s National Digital Cloud Policy: Key Provisions And Implications For Business

On 17 August 2026, Nigeria's Federal Government released its National Digital Cloud Policy, superseding the 2019 framework to establish a domestic cloud and data infrastructure ecosystem. The Policy introduces fiscal and regulatory incentives for qualifying investors, mandates cloud-first adoption across government agencies, and implements a four-tier sovereign data classification system that confines data residency requirements to specific categories rather than imposing blanket localisation.
NigeriaTechnology
Templars
Templars