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| President Bola Ahmed Tinubu |
President Bola Tinubu has signed a new Executive Order aimed at creating a unified regulatory framework for Nigeria's virtual asset industry, a move expected to strengthen oversight, combat fraud, and boost confidence in the country's digital economy.
The directive, titled the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect and is designed to improve collaboration among government agencies responsible for regulating cryptocurrencies, blockchain technology, and other digital financial services.
According to the Presidency, the new order seeks to address regulatory overlaps and close gaps that have allowed fraudulent activities to thrive within the virtual asset ecosystem. It also aims to strengthen efforts against money laundering, terrorism financing, cybercrime, and other financial crimes linked to digital assets.
Presidential spokesman Bayo Onanuga said the rapid growth of virtual assets has made it necessary for Nigeria to adopt a more coordinated regulatory approach. He noted that digital assets now cut across several sectors, including finance, securities, payments, and commodities, requiring closer cooperation among relevant government institutions.
A major highlight of the Executive Order is the establishment of a Virtual Asset Council, which will coordinate policies and regulatory activities across agencies. The Central Bank of Nigeria (CBN) will chair the council, while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU), the Office of the National Security Adviser (ONSA), and other key regulatory bodies involved in financial oversight.
The council will be responsible for harmonising regulations, improving information sharing among agencies, coordinating enforcement actions, and recommending legal reforms that support the safe development of Nigeria's virtual asset industry.
The Executive Order also provides for the creation of a Virtual Asset Office within the Central Bank of Nigeria. The office will coordinate applications, reporting processes, and data exchange among participating institutions to eliminate duplication and improve regulatory efficiency.
The Presidency said the initiative is not intended to discourage innovation but to ensure that the country's digital asset market develops within a transparent and secure legal framework. It added that the reforms will help protect investors, improve tax compliance, attract legitimate investment, and reduce the activities of fraudulent operators.
Nigeria remains one of the world's leading markets for cryptocurrency adoption, and the government believes that a harmonised regulatory system will encourage responsible innovation while safeguarding users and strengthening the integrity of the nation's financial system.