Nigeria's Best Crypto Exchange: Quidax Leads Local Platforms Amid SEC Regulation

Nigeria is one of the largest crypto markets in the world, and choosing the best crypto exchange has become more complex due to changing regulations. In March 2025, the country's Investments and Securities Act was signed into law, giving oversight of crypto ownership and trading to the Securities and Exchange Commission (SEC). The SEC runs an Accelerated Regulatory Incubation Program (ARIP) that gave provisional licenses to Quidax and Busha in August 2024.

The SEC raised minimum capital requirements for digital asset platforms in January 2026, with exchanges now needing up to ₦2 billion in paid-up capital. Banks may only open Nigerian Currency accounts for SEC-licensed firms, making it difficult for unlicensed exchanges to handle deposits and withdrawals.

Quidax is Nigeria's oldest local exchange and received a provisional Digital Assets Exchange license from the SEC in August 2024. It supports direct Nigerian Currency deposits and withdrawals through Nigerian banks and has a simple buy and sell interface for first-time users.