President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified regulatory framework aimed at strengthening oversight of cryptocurrency and other virtual assets in Nigeria.
The Executive Order, which takes immediate effect, marks a significant step in the Federal Government’s efforts to regulate the rapidly growing digital asset industry while promoting innovation, protecting investors and safeguarding the country’s financial system.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the order was signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
The new framework seeks to harmonise the regulation of virtual assets across government agencies, improve collaboration among financial and capital market regulators, combat fraud and illicit financial activities, and create an enabling environment for responsible innovation within Nigeria’s digital economy.
The government said the initiative became necessary because the virtual assets sector increasingly overlaps the responsibilities of multiple regulatory institutions, creating gaps that have been exploited by fraudulent operators. These loopholes, according to the presidency, have exposed Nigerians to financial losses through scams, while also increasing the risks of money laundering, terrorism financing, cybersecurity threats, data privacy breaches and revenue leakages.
To address these challenges, the Executive Order establishes a Virtual Asset Council, which will serve as the country’s highest coordinating body for virtual asset regulation. The council will be chaired by the Central Bank of Nigeria (CBN), while the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairmen.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The council will be responsible for providing policy direction, coordinating regulatory activities among participating agencies and working with the Attorney General of the Federation to develop a harmonised legal and institutional framework for the industry.
The Executive Order also creates a Virtual Asset Office, which will operate from the Central Bank of Nigeria. The office will serve as the operational secretariat responsible for information sharing, application processing and coordination among regulatory agencies through an integrated supervisory technology platform.
The presidency clarified that the new order does not establish a new regulatory authority or remove the statutory responsibilities of existing institutions. Instead, each agency will continue to exercise its legal mandate based on the type of virtual asset or service involved.
Under the new framework, virtual assets classified as securities will remain under the supervision of the Securities and Exchange Commission, while payment systems, settlement services, custody operations and other non-security virtual asset activities will continue to be regulated by the Central Bank of Nigeria. Where questions arise over regulatory jurisdiction, the newly established council will determine which agency has oversight responsibility.
As part of the reforms, the Central Bank will introduce a regulatory sandbox, allowing eligible companies to test blockchain innovations, cryptocurrency products and other digital financial services under regulatory supervision before launching them into the broader market. The initiative is expected to help regulators better understand emerging technologies while ensuring financial stability, consumer protection and greater financial inclusion.
The Federal Government also announced that the Nigeria Revenue Service will release a dedicated tax policy for the virtual assets sector. The policy is expected to clarify how existing tax laws apply to cryptocurrency transactions and digital assets, improve voluntary tax compliance and enhance government revenue from the expanding digital economy.
In addition, the government revealed that it is finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term strategy, regulatory priorities and implementation roadmap for the sector.
To ensure swift implementation of the new policy, the Virtual Asset Council has been directed to develop a Harmonised Implementation Framework within 30 days, providing clear operational guidelines for all participating agencies.
The Executive Order represents one of Nigeria’s most comprehensive efforts to regulate cryptocurrency and digital assets. By promoting coordinated oversight while encouraging innovation, the government aims to build a safer, more transparent and globally competitive virtual assets ecosystem that supports economic growth and protects the interests of investors and the wider public.
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