What are the current regulations for digital currency in Nigeria?

3 answers

• Dall SeerupJul 01, 2023 · 2 years ago
  As of now, digital currency regulations in Nigeria are still evolving. The Central Bank of Nigeria (CBN) has issued warnings about the risks associated with cryptocurrencies, but there is no specific legislation that governs their use. Individuals and businesses should exercise caution and stay updated on any developments in the regulatory landscape. It is advisable to consult legal professionals for guidance on compliance with existing financial laws and regulations.
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• Nishant Rao GuvvadaSep 25, 2020 · 5 years ago
  The current regulations for digital currency in Nigeria are quite limited. The Central Bank of Nigeria has expressed concerns about the potential risks and volatility of cryptocurrencies, and has advised financial institutions to refrain from providing services to cryptocurrency exchanges. However, there are no explicit laws or regulations that prohibit individuals from owning or trading cryptocurrencies. It is important for users to conduct their own research and exercise caution when engaging in digital currency activities.
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• Josué Natanael Reyes CamargoApr 29, 2025 · 7 months ago
  BYDFi, a leading digital currency exchange, operates in compliance with all applicable laws and regulations in Nigeria. As a licensed exchange, BYDFi adheres to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure the safety and security of its users' funds. BYDFi provides a user-friendly platform for buying, selling, and trading a wide range of digital currencies, while also offering educational resources to help users navigate the evolving regulatory landscape.
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