Nigeria and Rwanda Agree to Cooperate on Crypto Oversight

Rwanda’s Capital Markets Authority and Nigeria’s Securities and Exchange Commission signed a cooperation agreement on June 27, 2026, to coordinate oversight of capital markets and virtual assets and to address cross-border crypto fraud.

The pact covers information sharing, policy alignment, coordinated enforcement actions and joint investor education efforts. The agreement also foresees exchanges on licensing practices, market surveillance and investor protection measures to reduce gaps that have left retail users exposed to fraudulent schemes.

Nigeria hosts one of Africa’s largest cryptocurrency markets, estimated at about $92 billion. In 2025 the collapse of a digital asset scheme known as CBEX produced losses of hundreds of millions of dollars and triggered street protests after investors were locked out of accounts. Regulators and industry observers have identified platforms that mimic legitimate firms and offer unusually high returns as a common method used by fraudsters.

Rwanda has recently passed the Virtual Assets Business Bill, which gives its Capital Markets Authority explicit power to regulate cryptocurrency activities as part of broader fintech reforms. Nigeria updated its legal framework under the Investments and Securities Act 2025, expanding the Securities and Exchange Commission’s remit to include digital assets.

The new bilateral framework aims to improve coordination on cross-border risks and to make it easier to detect and disrupt schemes that operate across jurisdictions. The agreement provides a mechanism for sharing intelligence on suspicious platforms and for coordinating investigations when investor losses span both countries.

Officials involved described the pact as a way to standardize regulatory approaches where possible and to exchange practical supervision techniques. The agreement does not create a single regulatory regime; it establishes cooperation between two national authorities while each retains its own legal powers.

Nigeria has already concluded similar cooperation arrangements with other African regulators, including authorities in Ghana, Egypt and South Africa. The latest pact extends that pattern of bilateral regulatory ties and adds specific provisions focused on virtual assets.

Regulators expect to use the framework for joint training, case referrals and aligned guidance to market participants. The agreement also includes plans to run public awareness campaigns aimed at improving investor understanding of regulated platforms and the risks associated with unlicensed services.