Nigeria’s New Virtual-Asset Order Could End Years of Fragmented Crypto Regulation

Nigeria has introduced a new coordination framework for virtual assets, seeking to reduce regulatory overlap while strengthening consumer protection, financial integrity and responsible innovation.

President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which took immediate effect. The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and Securities and Exchange Commission serving as vice-chairs. The Nigerian Financial Intelligence Unit and Office of the National Security Adviser are also represented.

The central problem the order attempts to solve is fragmentation. Virtual assets can perform functions associated with currencies, securities, commodities, payments and custody, leaving several agencies with intersecting responsibilities. The government says this has created gaps that fraudulent and unregistered operators have exploited.

The order does not establish a new regulator or remove the statutory powers of existing institutions. Securities-related activities will remain under the SEC, while the CBN will oversee payment, settlement, custody and related services involving non-security virtual assets. The council is expected to resolve cases where the responsible authority is unclear.

A Virtual Asset Office, based at the CBN, will coordinate information sharing, applications and reporting. The government also plans a regulatory sandbox, a virtual-assets tax policy and a broader white paper setting out longer-term policy direction.

The test will be implementation. Better coordination could improve certainty for legitimate operators and reduce opportunities for regulatory arbitrage. It could also help authorities respond more consistently to fraud, cybersecurity risks, illicit finance and revenue leakage. However, the framework will need transparent rules, predictable licensing decisions and safeguards that do not push compliant innovation outside formal channels.

The council has been directed to prepare a harmonised implementation framework within 30 days. That document will be important in determining whether the order produces practical clarity or simply adds another layer to Nigeria’s evolving digital-asset regime.

References

• State House of Nigeria: Presidential Executive Order on Virtual Assets Coordination
• The Guardian Nigeria: Tinubu signs executive order on virtual assets