Nigeria Approves National Crypto Exchange Under New Blockchain Policy

Nigeria has officially approved the launch of its first state-backed cryptocurrency exchange, marking a major policy shift in the country’s approach to digital assets. The exchange, dubbed NigeX, will operate under the supervision of the Securities and Exchange Commission (SEC) Nigeria and aligns with the government’s newly introduced National Blockchain Policy, aimed at fostering innovation while enhancing oversight.

The move was announced by the Federal Ministry of Communications, Innovation and Digital Economy, which revealed that NigeX will support both retail and institutional trading of selected digital currencies, including Bitcoin, Ethereum, NGNX (a naira-pegged stablecoin), and several tokenized government bonds. The platform is being developed in partnership with private fintech providers and will integrate strict KYC and AML compliance protocols.

This marks a dramatic pivot from Nigeria’s previous regulatory stance. In 2021, the Central Bank of Nigeria banned commercial banks from facilitating crypto transactions, citing financial stability risks. However, with crypto adoption continuing to soar — Nigeria ranks in the global top five for peer-to-peer crypto usage — the government now appears focused on formalizing the sector under a structured framework.

NigeX is expected to launch its beta version by Q4 2025, initially offering spot trading, custodial wallets, and OTC desk services. Future features include staking, token issuance for verified startups, and integration with government tax systems to ensure transparent reporting.

Officials say the exchange will help reduce reliance on offshore trading platforms and bring more crypto activity into the regulated economy. It will also support the eNaira, Nigeria’s struggling central bank digital currency (CBDC), by allowing interoperability between eNaira and mainstream cryptocurrencies through a bridging mechanism.

Market analysts see this as a critical milestone for Africa’s largest economy. Not only could it boost investor confidence, but it could also unlock new capital flows from the Nigerian diaspora and foreign fintech ventures eager to enter the regulated African crypto space. The announcement comes just weeks after Ghana and Kenya unveiled their own national blockchain initiatives, signaling a regional shift toward embracing digital finance.

Reactions across Nigeria’s crypto community were mixed. Some hailed the move as a breakthrough for adoption and legitimacy, while others expressed skepticism about government-run platforms controlling access to decentralized assets. Still, many agree that the new policy could offer long-awaited clarity and protection for users and developers alike.

The Nigerian naira (NGN) held steady at ₦1,215 per USD on Saturday, reflecting cautious optimism in FX markets. With the country now poised to become a regional crypto innovation hub, investors will closely watch how the new exchange performs once live.