Nigeria crypto ban: What's legal now and who's still at risk

When the Nigeria crypto ban, a government-imposed restriction on financial institutions from servicing cryptocurrency businesses, was enforced in 2021. Also known as Central Bank of Nigeria crypto directive, it forced users underground and killed legitimate exchange operations overnight. But in 2025, that ban was officially lifted—replaced by the ISA 2025 Nigeria, the Investment and Securities Act amendments that now regulate digital asset service providers under the Securities and Exchange Commission. This isn’t just a policy flip—it’s a full rewrite of how crypto operates in the country.

What changed? Before 2025, banks couldn’t open accounts for crypto firms. Now, exchanges like Binance, Luno, and Paxful can apply for licenses under ISA 2025 Nigeria. But here’s the catch: only a handful have cleared the process. Most platforms still operate in a gray zone, and police still raid homes over crypto transactions. Why? Because the law exists on paper, but enforcement hasn’t caught up. Many Nigerians still don’t know what’s legal, and scammers are exploiting that gap. You can legally trade crypto, but you can’t legally bank it unless your exchange is registered. And even then, withdrawals to local banks are slow or blocked. The crypto exchanges Nigeria, licensed platforms that comply with KYC, AML, and capital requirements under ISA 2025. are few, and most users still rely on P2P or offshore platforms that aren’t protected by law.

The real problem isn’t the ban anymore—it’s the lack of clarity. You can buy Bitcoin, but if you’re caught with cash from a P2P deal, you might be accused of money laundering. You can use a licensed exchange, but if your bank freezes your account, you have no recourse. The Nigerian crypto laws, a patchwork of regulations under ISA 2025, tax codes, and CBN guidelines that still contradict each other. create more confusion than security. This is why the posts below cover everything from how to spot fake exchanges to why police still target crypto users even after the official ban ended. You’ll find real stories from traders, breakdowns of approved platforms, and what to do if your wallet gets flagged. This isn’t theory—it’s what’s happening on the ground in Lagos, Abuja, and Port Harcourt right now.