Tinubu’s order centralizes virtual asset coordination under a council led by the CBN, with activity-based registration and a sandbox framework alongside existing regulatory powers.
Nigeria has moved to formalize oversight of virtual assets after President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination on July 17, 2026. The measure creates a Virtual Asset Council led by the Central Bank of Nigeria, with the Securities and Exchange Commission and the Nigeria Revenue Service as vice chairs, and gives the body 30 days to produce a harmonized implementation framework for the sector. The order does not set up a new standalone regulator or remove the powers of existing agencies. Instead, it coordinates supervision across current institutions, with registration judged by business activity while the SEC oversees securities-related virtual asset activity and the CBN handles non-securities services, including much of the payments and transfer activity tied to everyday crypto use. The stated goal is to close gaps that had allowed unregistered operators to evade oversight while improving protection against fraud and preserving room for responsible innovation. Nigeria has been one of Africa’s fastest-growing digital asset markets. An IMF report published in June said the country accounted for about 60% of stablecoin inflows in sub-Saharan Africa since 2019 and received about $59 billion in crypto inflows between July 2023 and June 2024. The IMF said the policy challenge is to narrow the gap that made stablecoin workarounds attractive for cross-border payments while keeping new risks contained through clear regulation and sound macroeconomic policy. The plan also includes a regulatory sandbox, a Virtual Assets White Paper and a dedicated tax policy from the Nigeria Revenue Service. Tax policy is already tightening: authorities said in January that, under the Nigeria Tax Administration Act, crypto service providers must link transactions to tax identification numbers and, in some cases, national identification numbers. Lawmakers are also advancing the Virtual Asset Service Providers Regulation Bill, 2026, which would introduce licensing, transparency and compliance requirements if enacted. Investors are now watching the 30-day framework deadline, the Senate bill’s progress, tax details and how strongly the CBN uses its leadership role to shape the market’s next phase.