Nigeria’s SEC Establishes Specialist Division to Study Crypto Investments

The country’s markets regulator will oversee crypto once banks are allowed to handle it.

AccessTimeIconSep 3, 2021 at 10:53 a.m. UTC
Updated May 11, 2023 at 4:33 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Nigeria’s Securities and Exchange Commission (SEC) has established a specialist fintech division to study crypto investments and plot a course for regulation of cryptocurrency.

  • The markets regulator will step in with regulations once crypto is allowed within Nigeria’s banking system, SEC Director General Lamido Yuguda said Thursday, according to a Reuters report.
  • “We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain,” Yuguda said.
  • The SEC has sought to regulate crypto assets by classifying them as securities.
  • In February, Nigeria’s central bank ordered all banks to close any accounts dealing in cryptocurrency. But that hasn’t stopped crypto from thriving in Africa’s most populous country with investors turning to peer-to-peer trading or direct payments.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about