The legal condition of Bitcoin for the last few years in Nigeria

[Realwhot]

Bitcoin has now become a big deal in Nigeria. It’s no longer just a tech thing it’s part of how people save money, send payments, and even run businesses buti it is still rare the legal side of it has always been full of random change. One day the government is warning against it and the next day they’re talking about regulating it.

Early Days and the CBN Ban

Bitcoin started becoming popular in Nigeria around 2015–2017 during  when naira was falling in value. A lot of youths began to use crypto to save and trade online more. When CBN noticed how fast it was growing, In February 2021 they told banks to close any accounts linked to cryptocurrency transactions. Their official reason was that crypto could be used for fraud and  terrorism financing or even other crimes. People  were still using it but it was more difficult because you  couldn’t use your bank to buy or sell it directly.

Popularity of P2P Trading

Nigerians being creative found another way to use bitcoin and crypto more so they  moved to P2P trading platforms and exchanges like Binance, bybit , bitget and Local vendors Instead of using banks. Traders sent money directly to each other through transfers. Which  how Nigeria became one of the biggest P2P Bitcoin markets in the world. It showed that you can’t easily stop decentralized money.

SEC "wahala"

Before the CBN’s restriction the Securities and Exchange Commission (SEC) had already said that cryptocurrencies would be treated as securities or digital assets and  they wanted to regulate exchanges token sales and custodian and when  CBN dropped the ban the SEC paused its plans for a while but later came back in 2022 with new rules and guidelines. By 2023 and 2024 they were working on licensing systems for crypto companies (though it didn't go well after their issues with the most popular exchange then which was binance).

eNaira problem

In October 2021 CBN launched  eNaira which was Nigeria’s official digital currency which was supposed to make payments easier and help people without bank accounts. Instead most people preferred Bitcoin and stablecoins like USDT because they’re easier to use across borders , hold value better and are not even tied to government policies. eNaira did not  give people what Bitcoin already offered which was freedom and control.

The Situation Now as of 2025

Even if bitcoin isn’t illegal in Nigeria. Banks are now allowed to work with crypto companies again under new CBN and SEC rules but exchanges have to register and follow anti money laundering laws and report transactions.

[Supreme Donvic]

It was not an easy journey that Bitcoin and the Federal government had, I remember a time when they said if you were caught getting involved in cryptocurrency investment or trading you will be arrested, people that where doing P2P then stopped giving remakes when sending money especially when the remake is associated with crypto you will be located and arrest.
But then I was not scared because it was not against any law in Nigeria, Nigeria national assembly never made any law to say involving yourself into cryptocurrency investment or trading is a criminal offense so since that was not done you can't be prosecuted, those who knows the law will understand this.
Now the Nigeria government has seen that they are losing a lot and it's impossible to stop citizens to go into cryptocurrency investment so they had no option but to accept cryptocurrency and then make some laws in other to regulate it, right now all the exchange operating in Nigeria pay tax to the Nigeria government.
Some nation are already investing into Bitcoin by having a Bitcoin reserve the Nigeria government should consider this too because it will really generate money for the government.

[nelson4lov]

I hope everyone that wanted bitcoin and crypto to be regulated here will be happy and satisfied with the new tax laws for cryptocurrencies that start next year. I remember when I said on one of the threads in the local board that regulation for crypto in Nigeria will have a more net-negative effect than positive but a few people came at me with their pitchforks.

Anyone can launch shitty projects using crypto as a cover up; scam Nigerians and still get away with it. So what then is the regulations? The only structure we have is that the one allows us allows our government to tax us lol. I knew taxation was coming when Kucoin started it a few years ago.

[Skydrill]

Bitcoin has now become a big deal in Nigeria. It’s no longer just a tech thing it’s part of how people save money, send payments, and even run businesses buti it is still rare the legal side of it has always been full of random change. One day the government is warning against it and the next day they’re talking about regulating it.

Early Days and the CBN Ban

Bitcoin started becoming popular in Nigeria around 2015–2017 during  when naira was falling in value. A lot of youths began to use crypto to save and trade online more. When CBN noticed how fast it was growing, In February 2021 they told banks to close any accounts linked to cryptocurrency transactions. Their official reason was that crypto could be used for fraud and  terrorism financing or even other crimes. People  were still using it but it was more difficult because you  couldn’t use your bank to buy or sell it directly.

Popularity of P2P Trading

Nigerians being creative found another way to use bitcoin and crypto more so they  moved to P2P trading platforms and exchanges like Binance, bybit , bitget and Local vendors Instead of using banks. Traders sent money directly to each other through transfers. Which  how Nigeria became one of the biggest P2P Bitcoin markets in the world. It showed that you can’t easily stop decentralized money.

SEC "wahala"

Before the CBN’s restriction the Securities and Exchange Commission (SEC) had already said that cryptocurrencies would be treated as securities or digital assets and  they wanted to regulate exchanges token sales and custodian and when  CBN dropped the ban the SEC paused its plans for a while but later came back in 2022 with new rules and guidelines. By 2023 and 2024 they were working on licensing systems for crypto companies (though it didn't go well after their issues with the most popular exchange then which was binance).

eNaira problem

In October 2021 CBN launched  eNaira which was Nigeria’s official digital currency which was supposed to make payments easier and help people without bank accounts. Instead most people preferred Bitcoin and stablecoins like USDT because they’re easier to use across borders , hold value better and are not even tied to government policies. eNaira did not  give people what Bitcoin already offered which was freedom and control.

The Situation Now as of 2025

Even if bitcoin isn’t illegal in Nigeria. Banks are now allowed to work with crypto companies again under new CBN and SEC rules but exchanges have to register and follow anti money laundering laws and report transactions.

The awareness is growing faster than expected hence everybody is becoming aware of the importance and value that Bitcoin hold and how it can positively impact the economy if it engaged in the right direction for which it was intended for. Prior to this time there has so many negative perspective about Bitcoin which made the government place some sort embargo on Bitcoin which prevented it from being used, rather the government tried to introduce some other alternative means to replace Bitcoin in the Nigerian economy but recently Bitcoin has become of Nigeria's most sort after asset in recent times because most people have been showing interest in Bitcoin lately

[Agbamoni]

I hope everyone that wanted bitcoin and crypto to be regulated here will be happy and satisfied with the new tax laws for cryptocurrencies that start next year. I remember when I said on one of the threads in the local board that regulation for crypto in Nigeria will have a more net-negative effect than positive but a few people came at me with their pitchforks.

I feel your pain, and prolly wont want to believe members in our LB supported the newly regulations on crypto in Nigeria. Omor this wan serious.
See eh, let us be frank, we can do anything to stop crypto regulation in our country, it is inevitable. But we can help ourselves individually by limiting the number of exchanges we use for transaction.

[Doan9269]

Till today and even as we speak, it is legal to use in bitcoin at our own risk, while the government does not allows for the commercial banks to use it, but they are quite aware that citizens are using it at their own risk, but never allowed for anything that may connect them to the banks, they thought that launching enaira then could be a reason to get more attention being diverted from crypto to enaira, but they couldn't achieve having anything done this manner because that was not the pressing needs of the people and that is why everything about enaira has been forgetton.

[Yablee0]

For our government in Niger accepting crypto currency and crypto related transactions in to law i don't see it as a big deal or any form of instigating crime and all that, it is just a welcome development that many other countries are taking advantage on, bitcoin transactions are very easy , lesser transactions fees and it's very fast and more reliable, so our leaders holding it back it's not funny at all. So to speak, our leaders are bend on being concerned with only their selfish interests, any other thing that they think will benefit the masses they are against it and that's madness.

However, all this stuff and drama they are acting is all because bitcoin is a decentralized currency and that they have little or no power in controlling it like our local currency (naira), if by any chance that have what it take being in charge of bitcoin they would have sign it into law many years ago.

[Promocodeudo]

I feel your pain, and prolly wont want to believe members in our LB supported the newly regulations on crypto in Nigeria. Omor this wan serious.
See eh, let us be frank, we can do anything to stop crypto regulation in our country, it is inevitable. But we can help ourselves individually by limiting the number of exchanges we use for transaction.

That's just the simple truth, we are helpless in this one, I don't think the government needs anyone validation to to implement whatever thing, the regulation that's coming whether we support it or not, the regulation will still go ahead, our government has already decides on what to do, they have been making this plan for long now, so the man in power has his like minds in the sec so what do we expect, so anyone saying that our LB members supported or whatever should also understand that such support ends here because the government of the and the previous one does not listen to anybody, I think it is high time we get that straight message.