President Bola Ahmed Tinubu has signed a new Executive Order establishing a coordinated regulatory framework for cryptocurrency and other virtual assets in Nigeria.
The Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect and aims to strengthen oversight of the country's growing digital asset industry while encouraging responsible innovation.
Under the new framework, the Central Bank of Nigeria (CBN) will chair the newly created Virtual Asset Council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
According to a statement issued by the Presidency, the Executive Order is designed to improve coordination among regulators, close legal and regulatory gaps, protect investors from fraud, and combat money laundering, terrorism financing, cybercrime, and revenue leakages.
The government said the rapid growth of virtual assets has blurred the distinction between currencies, commodities, and securities, making stronger regulatory cooperation necessary.
A new Virtual Asset Office will also be established within the CBN to coordinate information sharing, licensing processes, and reporting among relevant agencies.
The Presidency emphasized that the Executive Order does not create a new regulator or remove the legal powers of existing institutions. Instead, it provides a framework for cooperation while allowing each agency to retain its statutory responsibilities.
Under the arrangement, the SEC will continue regulating virtual assets classified as securities, while the CBN will oversee payment systems, custody services, and other non-security virtual asset activities. In cases where regulatory responsibility is unclear, the Virtual Asset Council will determine the appropriate supervising agency.
The CBN is also expected to launch a regulatory sandbox, allowing qualified companies to test blockchain technologies and virtual asset products under regulatory supervision before introducing them to the wider market.
Additionally, the Nigeria Revenue Service will introduce a dedicated tax policy for the virtual asset sector to clarify tax obligations and improve compliance.
The Federal Government is also finalizing a Virtual Assets White Paper to outline Nigeria's long-term strategy for the industry.
The newly established Virtual Asset Council has been directed to develop a harmonized implementation framework within 30 days to ensure the effective execution of the Executive Order.
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