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ARTICLE · 19 MAY 2023

Nigeria's Digital Future: The Blockchain Adoption Strategy

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Blockchain, which is mostly associated with cryptocurrencies and the like, had remained largely unregulated in Nigeria until September 2020, when the Securities and Exchange Commission...

NigeriaTechnology
Aderonke Alex-Adedipe
Aderonke Alex-Adedipe
Chinomnso Sharon Okpo
Chinomnso Sharon Okpo

Introduction

Blockchain, which is mostly associated with cryptocurrencies and the like, had remained largely unregulated in Nigeria until September 2020, when the Securities and Exchange Commission ("SEC") issued a statement on digital assets, to the effect that crypto-offerings and other forms of blockchain-based offers in Nigeria or targeted at Nigerian investors would be regulated by the SEC1. Following this statement, the Central Bank of Nigeria ("CBN") in February 2021, issued a circular, prohibiting banks from dealing in cryptocurrencies or enabling payments for cryptocurrency exchanges. There is no denying the tension and the negative impact this development had in the innovation and technology space.

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