Is forex trading legal in Nigeria?
Not legal advice. Below are the regulators’ own words, quoted from their official pages on the dates shown. Laws and rules change: check the regulator’s site before you open an account.
By Wealth.cat editorial team Facts verified on October 14, 2026
In Nigeria, the Securities and Exchange Commission (SEC) registers the entities that may promote investment services, give investment advice or solicit funds from the public in the capital market, and publishes notices for investors.
The quotes below come from two SEC public notices. The first, published on 19 October 2018, is about online retail forex trading and how the SEC described its regulatory status at that time. The second, published on 14 May 2026, is about unregistered online investment platforms and schemes, and about who may promote investment services under the Investments and Securities Act, 2025. The two notices are years apart, so read each quote with its date.
Before you open an account, check that the firm appears in the SEC’s register of capital market operators (“Find a Registered Operator”, linked below).
What the regulator says
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The public is hereby advised that online retail forex trading is currently unregulated and consequently may be subject to abuse.
Securities and Exchange Commission, Nigeria (SEC Nigeria) · October 14, 2026 · Source -
Until a framework for regulation of online retail forex trading is developed by the SEC, any person participating or engaged in such investment activity does so at his or her own risk.
Securities and Exchange Commission, Nigeria (SEC Nigeria) · October 14, 2026 · Source -
Accordingly, the Commission hereby advises the public to refrain from investing or participating in any unregistered online investment platform or scheme promising unrealistic or guaranteed returns.
Securities and Exchange Commission, Nigeria (SEC Nigeria) · October 14, 2026 · Source -
The public is reminded that, under the provisions of the Investments and Securities Act, 2025, only entities registered by the Commission are authorised to promote investment services, provide investment advisory services or solicit funds from the public in the Nigerian capital market.
Securities and Exchange Commission, Nigeria (SEC Nigeria) · October 14, 2026 · Source
Regulators and registers
- Securities and Exchange Commission, Nigeria (SEC Nigeria) · Register of licensed firms
What this means on Wealth.cat
- We show offers from forex and CFD brokers to visitors from Nigeria.
- We show prop firm offers to visitors from Nigeria.
This is our own advertising policy, not a statement about what the law allows.
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