Home News SEC toes CBN line, bans Crypto trading in Nigeria

SEC toes CBN line, bans Crypto trading in Nigeria


The regulatory commission of the capital market, the Securities and Exchange Commission (SEC) has also banned Crypto trading in the country.

It will be recalled that recently, the Central Bank of Nigeria (CBN) banned crypto trading in the country. The development has generated mixed reactions among teeming Nigerians.

Yesterday, Senate asked the CBN Governor and SEC DG to come and appear before it so as to shed light on the ban.

In a statement on Thursday, SEC said it received inquiries on a perceived policy conflict between its September 11 statement on Digital Assets, Classification and Treatment and the February 5 CBN circular.

The commission stressed that there were no contradictions or inconsistencies.

It clarified that last year’s statement was to provide regulatory certainty within the digital asset space, due to the growing volume of reported flows.

SEC said as the regulator of the banking system, the CBN has identified certain risks that threaten investors’ protection.

The commission disclosed that it engaged with the CBN and agreed to work together to further analyse and better understand the risks. PM