Proposed Rules On Online Forex Trading
And Contract For Difference Published: September 1, 2026

1. Applicability

(1) These Rules shall apply throughout Nigeria and to all persons engaging in or offering online forex trading services to residents of Nigeria, whether using a platform or medium incorporated domestically or operate from outside Nigeria while targeting Nigerian residents.

(2) These Rules shall apply to the following categories of persons (collectively, "Regulated Entities"):

(a) Introducing Brokers;

(b) Online Forex Brokers/Broker Dealers;

(c) Technology and Platform Providers;

(d) Offshore entities that:

(i) lists Nigeria as an accessible or supported country on its website, mobile application, trading platform or client onboarding portal.

(ii) permits persons resident in Nigeria to open or maintain trading accounts.

(iii) advertises, markets or promotes its services to residents of Nigeria, including through Nigerian influencers, affiliates, introducing brokers, training providers, seminars, webinars, social media pages or online campaigns;

(iv) uses Nigerian currency, Nigerian market references, Nigerian contact details or Nigeria-specific promotional materials in connection with its services;

(v) maintains representatives, agents, affiliates, introducing brokers, training providers or customer-support channels in Nigeria; or

(vi) have clients who are resident in Nigeria or otherwise conducts business in a manner that indicates an intention to provide online forex CFD trading services to residents of Nigeria.

(e) Any person who carries on or purports to carry on any regulated activity under these Rules.

Comments should be forwarded to the Secretariat, Rules Committee via rulescommittee@sec.gov.ng or through the DG SEC not later than two weeks from the date of the exposure.