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On 31 March 2026, the Central Bank of Nigeria (CBN) announced the commencement of an Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) Supervision Pilot for a select group of Virtual Asset Service Providers (VASPs). Six entities constitute the first cohort. This note examines the scope of the Pilot, the obligations it imposes on participating VASPs, and its place within the broader regulatory framework for virtual assets in Nigeria.
1 April 26
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The Statutory Basis for CBN Supervision of VASPs
The Pilot is anchored in the CBN’s existing powers under the Money Laundering (Prevention and Prohibition) Act 2022, the Central Bank of Nigeria Act 2007, and the Banks and Other Financial Institutions Act 2020 and is aligned with Financial Action Task Force (FATF) Recommendations 15 and 16, with a particular focus on Travel Rule preparedness and proliferation-financing controls. Participation in the Pilot does not confer any regulatory status, licensing right, or authorisation on the entities involved. It is a supervisory information-gathering exercise that operates within, and does not alter, the existing regulatory framework.
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Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Ajibola Asolo or Aaron Alasa