By Ikugbadi Oluwasegun
President Bola Ahmed Tinubu has signed the presidential Executive Order on Virtual Assets Coordination, 2026, creating a new framework to regulate cryptocurrencies and other digital assets in Nigeria.
The order took effect immediately on July 17, 2026. It is aimed at harmonising oversight of virtual assets, closing regulatory gaps, and protecting Nigerians from fraud, money laundering, and cyber threats.
According to a statement by the President’s Special Adviser on Information & Strategy, Bayo Onanuga, the move comes as digital assets increasingly blur the lines between currency, commodity, and security. With agencies previously working in silos, the government said unregistered operators have exploited loopholes, costing families their savings and causing revenue losses.
The Order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and SEC as vice-chairs. Other members include the NFIU and Office of the National Security Adviser.
The Council will set policy direction and work with the Attorney-General to develop a harmonised legal framework. Its day-to-day work will be handled by a Virtual Asset Office domiciled at the CBN, supported by a shared supervisory technology platform.
The government said no new regulator is being created. Existing mandates remain: the SEC will register securities-related virtual assets, while the CBN will handle payment, settlement, custody, and other non-security virtual assets. The Council will resolve any disputes.
The CBN will launch a regulatory sandbox to allow eligible firms to test crypto products under supervision before full rollout. The NRS will also release a tax policy for virtual assets to provide certainty and ensure the sector contributes to national revenue.
A comprehensive Virtual Assets White Paper is also being finalised to outline Nigeria’s long-term policy direction.
The Council has 30 days to produce a Harmonised Implementation Framework for the Order.
Officials say the goal is to enable innovation while safeguarding financial stability, consumer protection, and national security.
