Nigeria issues executive order on virtual assets

TLDR

Nigeria has issued a sweeping executive order on virtual assets that creates a coordinated oversight framework for crypto while trying to balance user protection with innovation.

1. The Presidential Executive Order on Virtual Assets Coordination, 2026 sets up a multi-agency Virtual Asset Council led by the central bank to harmonize rules.
2. The order clarifies how securities and non-security crypto will be supervised, adds a sandbox for innovation, and prepares new tax guidance for Nigerias large crypto user base.
3. The real impact will depend on a 30-day implementation framework and a forthcoming white paper, which will determine how strict or enabling the regime becomes in practice.

Deep Dive

1. What The Order Actually Does

President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which takes effect immediately and targets fragmented oversight in Nigerias crypto sector.

The order creates a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service and Securities and Exchange Commission as vice chairs, plus the financial intelligence unit and national security adviser, providing a formal coordination layer rather than a new regulator.

A Virtual Asset Office inside the CBN will act as the councils operational arm, using a shared supervisory technology platform to coordinate applications, data and reporting among agencies, as described in the official executive order explainer.

2. How Oversight And Innovation Will Change

The order keeps existing mandates but draws a clearer line: the SEC remains responsible for virtual assets that qualify as securities, while the CBN oversees payments, settlement, custody and services involving non-security virtual assets.

CBN is also tasked with launching a regulatory sandbox for virtual asset innovation, allowing eligible firms to test products under supervision, and the Nigeria Revenue Service will publish a sector-specific tax policy, signaling tighter but more predictable compliance expectations.

Nigeria already ranks near the top globally for on-chain value and has an estimated 22 million crypto users, so harmonized rules could make it easier for legitimate exchanges, wallets and fintechs to operate at scale while increasing enforcement risk for unregistered operators.

3. What To Watch Next

The Virtual Asset Council has 30 days to produce a Harmonised Implementation Framework, which will translate high-level principles into concrete licensing, reporting and enforcement rules.

In parallel, a comprehensive Virtual Assets White Paper is in advanced stages and will outline Nigerias long-term strategy, including how aggressively it pursues tax collection, AML controls and support for local crypto businesses.

Signals to monitor include who qualifies for the sandbox, how burdensome registration becomes, and whether agencies use the new coordination structure primarily to enable compliant growth or to clamp down on risk.

Conclusion

Nigerias executive order marks a shift from ad hoc, fragmented oversight toward a coordinated, technology-driven framework for virtual assets.

For crypto users and businesses, the direction is clear: regulatory scrutiny will increase, but so could regulatory certainty, making Nigeria a more navigable market for compliant operators while raising the bar for everyone else.