MEXC in Nigeria 2026: CBN Regulations & NGN Guide

Nigeria's Central Bank (CBN) previously restricted banks from servicing crypto exchanges (2021) but partially reversed this position in 2023, allowing licensed Virtual Assets Service Providers (VASPs) to access banking services. The SEC Nigeria has been developing a VASP licensing framework. MEXC is not CBN/SEC Nigeria-licensed but is accessible via P2P.

Nigeria is the largest cryptocurrency market in Africa and one of the most active P2P crypto markets globally. Despite CBN's 2021 banking restrictions (now partially lifted), Nigerian crypto adoption surged as users turned to P2P trading to circumvent banking barriers. MEXC's P2P marketplace became particularly popular among Nigerian traders during this period.

Nigeria's naira devaluation and high inflation (similar to Argentina's dynamic) make USDT an important USD savings vehicle for Nigerians seeking to preserve purchasing power. MEXC's zero-fee trading and competitive USDT earn rates make it a cost-effective platform for Nigerian crypto users.

Nigerian MEXC users primarily fund accounts through P2P trading. Bank transfers to Nigerian commercial banks (GTBank, Access Bank, Zenith Bank, UBA, First Bank) are the most common method. Nigerian fintech wallets including OPay and PalmPay are also widely accepted by Nigerian P2P sellers given their large user bases.

OPay has become particularly popular in Nigeria for P2P crypto transactions due to its speed and the fact that many fintech-bank accounts have higher transaction tolerances for crypto-related transfers compared to traditional commercial banks. PalmPay similarly sees high P2P activity.

Nigeria's crypto regulatory journey has been turbulent. The CBN's 2021 ban on banks servicing crypto exchanges drove trading underground to P2P. The SEC Nigeria developed a VASP licensing framework and in 2023 the CBN began allowing licensed VASPs banking access. This regulatory evolution reflects Nigeria's pragmatic recognition of crypto's importance to its economy.

MEXC operates as a foreign exchange outside the Nigerian regulatory framework. Nigerian users should monitor SEC Nigeria announcements for any changes that might affect international exchange accessibility. The general trend has been toward accommodation rather than prohibition.

For many Nigerians, P2P USDT trading on MEXC serves as a practical forex alternative. The official naira exchange rate versus the parallel market (black market) rate has historically created significant disparities. USDT on MEXC P2P typically trades near parallel market rates, providing dollar access that the official banking system cannot easily offer at competitive rates.

This forex utility, combined with MEXC's altcoin trading capabilities, makes MEXC one of the most multifunctional financial platforms for Nigerian users seeking both crypto speculation and dollar savings.