According to a Bloomberg report, Nigeria is attempting to advance digital asset trading in the country, but, like some Asian countries, it is distinguishing between digital assets — which can be broadly defined and may include central bank digital currencies (CBDCs), non-fungible tokens (NFTs), and privately issued stablecoins — and cryptocurrencies. The Nigerian Securities and Exchange Commission (SEC) Director-General, Lamido Yuguda, has joined other regulators, including those in South Korea, in attempting to clarify the distinction between digital assets and virtual or cryptocurrencies. Yuguda stated that the country will encourage investment in “sensible digital assets” with investment protection — without providing further details. According to Bloomberg, the SEC will also investigate blockchain technology to advance virtual and traditional investment products.
