The Securities and Exchange Commission (SEC), has proposed minimum capital requirements of up to N5 billion for operators in Nigeria’s retail forex and Contracts for Difference (CFDs) market, as it moves to bring both domestic and offshore platforms under formal regulation. The draft Rules on Online Forex Trading and Contracts for Difference were issued under […]
The Securities and Exchange Commission (SEC), has proposed minimum capital requirements of up to N5 billion for operators in Nigeria’s retail forex and Contracts for Difference (CFDs) market, as it moves to bring both domestic and offshore platforms under formal regulation.
The draft Rules on Online Forex Trading and Contracts for Difference were issued under the Investments and Securities Act (ISA) No. 2, 2025, released on September 1, 2026.
SEC also introduce a 30 per cent minimum Nigerian ownership requirement for licensed brokers.
The Commission said the framework is designed to apply not only to companies incorporated in Nigeria but also to offshore entities that target Nigerian residents through local affiliates, influencers, or customer support channels.
The draft creates three main licence categories with separate capital thresholds: N3 billion for B-Book/market-making brokers, N2 billion for STP/ECN or A-Book brokers, and N5 billion for technology/platform providers, while Corporate and Individual Introducing Brokers would need N150 million and N30 million respectively.
Registration fees would range from N1 million for individual Introducing Brokers to N30 million for technology/platform providers, with an additional N100,000 application fee and N300,000 processing fee, and all categories would also meet separate liquid capital requirements.
Under the proposal, at least 30 per cent of a broker’s issued and paid-up share capital must be held directly by Nigerian citizens who serve as directors. At least two directors, including the managing director/CEO, must be resident in Nigeria.
The SEC stated that ownership cannot be routed through nominees or trusts to circumvent the rule, meaning offshore brokers cannot satisfy it by simply setting up a Nigerian subsidiary.
It added that “existing and informal operators will be given three months to submit a complete registration application once the rules take effect, and six months to achieve full compliance. Operators that fail to apply within the window will be required to cease regulated activities.”
SEC noted that these are proposed rules and not yet in force.
The Commission has repeatedly warned Nigerians against unregistered forex and crypto platforms.
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