RismadarVoice Reporters, September 2, 2026
The Securities and Exchange Commission (SEC) has introduced new regulatory rules aimed at strengthening oversight of online foreign exchange trading in Nigeria, including offshore platforms that provide services to Nigerian residents.
The framework covers both operators based in Nigeria and foreign entities offering online forex trading services to Nigerians, regardless of where such platforms are incorporated or operated.
According to the SEC, the regulations apply to all persons and entities involved in providing or facilitating online forex trading services to residents of Nigeria.
The Commission said the move is designed to bring operators serving Nigerian investors under a clearly defined regulatory framework and address potential gaps created by the cross-border nature of online forex platforms.
Under the new rules, several categories of operators have been designated as regulated entities. They include introducing brokers, online forex brokers, broker-dealers, as well as technology and platform providers.
The framework also specifically covers offshore companies offering contracts-for-difference (CFD) forex trading services to Nigerians.
The SEC said an offshore operator could fall under the regulations if Nigeria is listed as an accessible or supported country on its website, mobile application, trading platform or customer onboarding portal.
Foreign-based platforms may also be regulated if they allow residents of Nigeria to open or maintain trading accounts.
The Commission further stated that offshore operators could come under its jurisdiction if they advertise, market or promote their services to Nigerians through local influencers, affiliates, introducing brokers, training providers, seminars, webinars, social media platforms or other online campaigns.
The use of Nigeria-specific features could also indicate that an offshore platform is deliberately targeting the Nigerian market.
Such indicators include accepting or referencing the naira, using Nigerian market information, providing Nigerian contact details or deploying promotional materials specifically directed at Nigerian customers.
The SEC said offshore entities with representatives, agents, affiliates, introducing brokers, training providers or customer-support channels operating in Nigeria would similarly fall within the regulatory framework.
The rules also cover foreign operators with Nigerian-resident clients or those whose activities demonstrate an intention to provide online forex CFD trading services to people in the country.
The Commission’s approach is aimed at preventing offshore operators from escaping Nigerian regulatory oversight simply because they are incorporated or based outside the country while actively soliciting and serving Nigerian investors.
The SEC added that any person or entity carrying out, or claiming to carry out, an activity classified as regulated under the framework would be subject to its provisions.
