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Nigerian cryptocurrency analyst Rume Ophi clarified that the recent lifting of the CBN ban would boost Nigeria’s foreign crypto investments and contribute to the employment of local talent in Web3 and the crypto industry.
Despite the Central Bank of Nigeria (CBN) lifting restrictions on Nigerian banks facilitating cryptocurrency transactions, the crypto license requirements set by the Nigerian Securities Exchange Commission (SEC) are expected to significantly decrease the number of operational local crypto exchanges in the country.
According to Nigerian crypto analyst Rume Ophi, the high minimum paid-up capital requirement of $556,620 (N500 million naira) makes it financially challenging for many local exchanges, potentially leading to a dominance of foreign exchanges in the Nigerian crypto landscape.
In May 2022, the Nigerian SEC released a 54-page document titled “New Regulations on the Issuance, Offering Platforms, and Custody of Digital Assets” on its website.
This publication provides opportunities for cryptocurrency service
providers in Nigeria and outlines guidelines for how banking and financial institutions in the country can engage with digital assets. 
According to the SEC’s rules, exchanges are required to secure a Virtual Asset Service Provider (VASP) license by adhering to application processing, registration fees, and other relevant criteria.
A survey covering 15 countries indicates that Nigeria stands out for having the most cryptocurrency-aware population globally. While Chainalysis’ 2020 report placed Nigeria eighth in crypto adoption, the country’s crypto investment has been restricted due to a ban on financial institutions supporting crypto exchanges.
Rume suggests that the recent removal of the CBN ban is anticipated to stimulate increased foreign crypto investment in Nigeria, promoting local job opportunities in Web3 and the crypto sector.
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