Crypto Exchanges Banned in Nigeria: What Happened and Where to Trade Now

When the Central Bank of Nigeria (CBN), the country’s main financial regulator that once issued a sweeping ban on crypto transactions ordered banks to cut off services to crypto exchanges in 2021, it didn’t stop trading—it just pushed it underground. Thousands of Nigerians kept using P2P platforms, peer-to-peer networks where users trade directly without a middleman like Binance P2P and Paxful, bypassing banks entirely. The Nigeria crypto ban, a policy meant to protect the naira and prevent money laundering backfired. Instead of reducing crypto use, it made it more secretive, more widespread, and more creative.

By 2023, pressure from traders, developers, and even the Nigerian Stock Exchange forced a rethink. The Securities and Exchange Commission (SEC) Nigeria, the body now responsible for licensing digital asset platforms began issuing licenses to compliant exchanges. In 2024, the CBN quietly reversed its stance, allowing banks to resume services for licensed crypto firms. But not all exchanges survived. Platforms like Tranquil Finance and Amaterasu Finance vanished—no audits, no users, no trace. Meanwhile, global exchanges like KuMEX and StackSwap kept operating, but blocked Nigerian IPs to avoid regulatory risk. The real winners? Local P2P traders and decentralized exchanges like Uniswap and PancakeSwap, where you don’t need a bank account to swap tokens.

Today, the crypto exchanges banned Nigeria story isn’t about prohibition—it’s about adaptation. Nigerians aren’t waiting for permission to trade. They’re using wallets, bridges, and stablecoins to move value across borders. You’ll find posts here that expose fake platforms pretending to serve Nigerian users, break down the exact timeline of the ban’s reversal, and show you which real exchanges still work in 2025. Some of these platforms have zero presence in Nigeria but still get flagged by regulators. Others are fully licensed and growing fast. This collection cuts through the noise. You’ll learn which exchanges to avoid, which ones are safe, and how to trade without getting your account frozen.