Share this article
Nigeria to Recognize Crypto as Investment Capital: Report
A proposed bill will lay out crypto supervisory powers of the Central Bank of Nigeria and the country's securities regulator, an official has said.
Updated Dec 19, 2022, 3:49 p.m. Published Dec 19, 2022, 11:20 a.m.
In Nigeria, a new bill in the works could let local regulators recognize cryptocurrencies as capital for investment, according to a Sunday report by local news outlet Punch.
If passed, the proposed Investments and Securities Act, 2007 (Amendment) Bill, will also define supervisory roles for the Central Bank of Nigeria and the country's Securities and Exchange Commission (SEC) with respect to digital currencies, Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions, told Punch.
STORY CONTINUES BELOW
Ibrahim did not specify a timeline for the passing of the bill.
Nigeria banned institutions from facilitating cryptocurrency transactions back in 2017. The SEC clarified in May that it saw digital currencies as securities that represent assets such as debt or equity claims on the issuer.
"It is not that they are illegal but we don’t have regulation for them. So, these are some of the reasons why we need to review the Act and put some regulations for most of the activities – derivatives, commodity exchanges, digital currencies and so many other things," Ibrahim told Punch.
CoinDesk has reached out to Ibrahim for comment.
Read more: Nigeria Plans to Create a Virtual Free Zone With Binance Crypto Exchange
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Most Influential: The Lazarus Group
The crypto industry’s most notorious hackers continue to break records, highlighting the importance of taking every step possible to secure wallets.
Top Stories
