The minimum paid-up capital requirement is $556,620 (N500 million naira).
Nigerian banks and financial institutions now have a set of rules to follow.
Several crypto analysts based in Nigeria, claim that the number of local crypto exchanges in the country will be drastically reduced due to the crypto license requirements imposed by the Nigerian Securities Exchange Commission (SEC). This is despite the fact that the Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks that facilitate cryptocurrency transactions.
The minimum paid-up capital requirement is $556,620 (N500 million naira), making it unaffordable for many local exchanges to remain operating. Rather than fostering a balanced economy, this rule would force Nigeria to rely on foreign currencies.
Stringent Compliance
Nigerian banks and financial institutions now have a set of rules to follow when dealing with digital assets, and this document paves the way for crypto service providers to enter the market. By pa
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