Regulatory direction since 2023: CBN reversal, SEC VASP framework formalisation, bank-fintech partnership re-emergence. The trajectory is toward licensed, regulated activity rather than blanket restriction. That said, regulatory environments can shift; users with significant exposure benefit from following SEC and CBN announcements. For now and the medium term, the framework supports compliant Nigerian crypto operations.
As of 2026, the regulatory direction is toward formalisation under the SEC's VASP framework, not re-restriction. The CBN reversed its 2021 restriction in December 2023; the trend is increased clarity, not retreat.
In the Monica.cash app download from Google Play or App Store, complete KYC, get started.
0% on Monica for all conversions and bank withdrawals. Only onchain network fees apply, paid to validators (not Monica).
Sub-60 seconds typical for the Monica side (conversion + bank withdrawal). Onchain confirmation timing varies by coin and network.
0% fees. Under 60s payouts. 500K+ users. Built for Nigerian crypto reality.
Download Monica