Analyst Rume Ophi: The Nigerian SEC's licensing requirements for cryptocurrency companies will significantly reduce the number of cryptocurrency exchanges operating in the country

Nigerian cryptocurrency analyst Rume Ophi stated in an interview that although the Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks promoting cryptocurrency transactions, the cryptocurrency license requirements from the Securities and Exchange Commission (SEC) will significantly reduce the number of local cryptocurrency exchanges operating in the country. Rume explained that due to a minimum paid-up capital requirement of $556,620 (500 million Naira), many local exchanges are unable to afford operational costs. This requirement will result in primarily foreign exchanges operating in Nigeria, rather than a healthy balance.