The laws concerning crypto for Naija no too dey clear, the other time no be government dey warn banks make dem no dey involved in any form with crypto transactions, banks like Opay, Palmpay, etc, even put up warning on their platform say dem fit seize your money if dem find out say e get connection with crypto.
If government wan make exchanges come register under the appropriate body, then make dem dey open to the industry, no be by locking up Binance representative for months, before finally releasing him few weeks ago. I don't think too many exchanges go register nor follow this guideline.
I feel this may be a trap from the government. Like you rightly said the government aren't being transparent when it comes to crypto-currency and we can see that by the action on Binance exchange and their numerous attacks on Crypto-currency enthusiasts in general.
The requirements here aren't stringent to me and if this is how it would actually be then it's not bad but the issue here is trust no one would want to fall in as the scape goat to see what the government would do to that person but honestly it would be great if Nigeria gets an exchange by Nigerian this is an area that would create job opportunities and expand crypto adoption in the country.