The Central Bank of Nigeria (CBN) has established a regulatory framework for cryptocurrencies in the country, aiming to balance innovation with financial stability. The policy is designed to protect users while allowing individuals to own and trade digital assets.
According to the CBN's guidelines, banks and other regulated institutions are not permitted to process cryptocurrency transactions directly. However, peer-to-peer (P2P) trading remains technically legal, as long as users exercise caution and verify their counterparties carefully.
The Securities and Exchange Commission (SEC), on the other hand, oversees regulations related to digital assets considered securities. The CBN focuses on maintaining monetary stability and ensuring the integrity of the national payment system.