Lawmakers in Nigeria are currently reviewing a bill designed to establish a tax framework for crypto transactions while introducing additional levies. The legislation is expected to be adopted this quarter, shortly after the Nigerian National Assembly reconvened for its 2025 session on January 14.
In parallel, the Nigerian Securities and Exchange Commission (SEC) is working to expand its crypto licensing program. The agency plans to issue more licences to crypto exchanges to better monitor and tax transactions, a step it believes will also boost investor confidence.
This regulatory drive builds on earlier initiatives. In August 2024, Nigeria’s SEC issued its first licence to a crypto exchange, marking the start of a new era in cryptocurrency oversight. By September 2024, the agency had announced plans to enforce measures against unregulated exchanges—despite only two such licenced exchanges operating at the time.
The SEC also tightened its crypto marketing rules in December 2024, requiring virtual asset service providers to obtain prior approval before engaging third-party influencers to promote their products.
Nigeria continues to lead in crypto adoption. Consensys’ 2024 Perception Survey found that 84% of Nigerians own a crypto wallet, while Chainalysis’s Geography of Cryptocurrency Report, released in October 2024, ranked the country as the world’s second-highest adopter of cryptocurrency.
Additionally, many Nigerians have turned to stablecoins like Tether’s USDT and USD Coin (USDC) to hedge against the naira’s high inflation and rapid depreciation. Chainalysis reported that Nigeria received $21.8 billion in stablecoins between July 2023 and June 2024, topping all Sub-Saharan African nations.
