The Securities and Exchange Commission (SEC) has proposed new investment limits that would restrict the amount retail investors can commit to digital asset offerings in Nigeria.

Under the proposed rules, a retail investor would be allowed to invest a maximum of N1 million in a digital asset offering by a single issuer, while the total amount invested across digital asset offerings would not exceed N10 million within 12 months.

The proposal is contained in the SEC’s proposed rules on Digital and Virtual Assets Operations, Custody and Markets, published on August 20, 2026. The rules are designed to strengthen regulation of Nigeria’s growing digital asset market while providing greater protection for investors.

The proposed framework covers digital and virtual asset activities that constitute investment and securities business in Nigeria, including the issuance and offering of digital assets, tokenisation, trading, custody, transfer and settlement, as well as investment and advisory services relating to digital assets.

The SEC said the proposed rules would apply to operators in Nigeria, service providers dealing with persons resident in Nigeria and entities targeting Nigerian investors or the Nigerian market through digital channels.

The proposed investment ceiling represents an increase from an earlier SEC framework, which had limited retail investors to N200,000 per issuer and N2 million in total investments over 12 months.

The latest proposal therefore raises both the individual issuer and aggregate 12-month limit fivefold.

The move comes as the SEC continues to expand its regulatory framework for digital assets and virtual asset service providers. The commission recently admitted additional virtual asset service providers into its Accelerated Regulatory Incubation Programme, allowing them to operate under defined conditions while remaining subject to regulatory and supervisory requirements.

The commission has also warned investors against putting their funds into unregistered online investment schemes, advising the public to verify the registration status of platforms and operators before investing.

The proposed rules reflect the SEC’s attempt to balance the expansion of digital asset activities with stronger investor protection, particularly as retail participation in the sector continues to grow.

The commission has invited stakeholders and members of the public to submit comments on the proposed rules to its Rules Committee within two weeks of the date of exposure.