The sec have said their own mind concerning cryptocurrency in the country but that cannot stop individuals from trading crypto,that alone can only affects Banking sectors, we should worry less, maybe when this present government finished their tenour we wait for the next government that will come in, the crypto issue will normalize.
I certainly do not know the legislation of Nigeria. However, usually, the securities and exchange commissions do not have the authority to make such serious decisions as prohibiting people from using cryptocurrency. This should only be adopted at the legislative level. If the decisions of such a commission apply only to the banking system, then this is quite possible.
In this state, as in most others, the issues of regulating the circulation of cryptocurrency must first be resolved at the legislative level, then, on the basis of the adopted laws, specify the powers of state bodies.
We understand that such restrictions are temporary. Most likely, in the world, states will soon develop a unified approach to the regulation of cryptocurrency.