TLDR
Nigeria has created a new Virtual Asset Council under a presidential executive order that immediately reshapes how crypto and digital assets are regulated in the country.
- The order sets up a CBN?chaired Virtual Asset Council to coordinate previously fragmented oversight of crypto and other virtual assets.
- SEC Nigeria, the Central Bank and tax authorities retain their roles but gain a shared framework, sandbox and dedicated crypto tax policy.
- The council has 30 days to deliver an implementation plan, which will be crucial for exchanges, startups and Nigerian crypto users.
Deep Dive
1. What The Order Actually Does
President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, which took effect immediately and targets unregistered operators and illicit activity in the sector. The order creates a Virtual Asset Council as the chief policymaking and coordination body, chaired by the Central Bank of Nigeria (CBN) with the Revenue Service and Securities and Exchange Commission (SEC) as vice chairs, alongside the Financial Intelligence Unit and National Security Adviser. A new Virtual Asset Office inside the CBN will manage day?to?day operations and inter?agency data sharing via a common tech platform, aiming to close gaps that previously allowed fraud and regulatory arbitrage.
Crypto oversight in Nigeria is moving from ad hoc enforcement to a formal, coordinated structure with clear seats at the table.
2. How It Changes The Rules For Crypto Use And Business
The order does not create an entirely new regulator, but clarifies responsibilities. SEC Nigeria continues to oversee tokens and products treated as securities, while the CBN supervises payments, settlements and custody for non?security virtual assets under the new framework, as outlined in the official description of the executive order and council. The CBN will operate a regulatory sandbox so exchanges and startups can test products under supervision, and the Revenue Service is preparing a crypto?specific tax policy to standardize treatment of gains and business activity. For a country that handled over $92.1 billion in on?chain value and an estimated 22 million crypto users in recent years, clearer rules could support more institutional participation but also raise compliance costs for smaller firms.
Expect more formal registration, licensing and reporting for Nigerian?facing crypto services, alongside potential new tax obligations.
3. What To Watch Next
The Virtual Asset Council must produce a harmonized implementation framework within 30 days, and the government is finalizing a broader virtual assets white paper that will signal long?term policy direction. Details to watch include entry rules for exchanges and custodians, how the sandbox is opened to local versus foreign operators, and the specific tax regime that the Revenue Service proposes. Successful rollout could turn Nigerias large user base into a more stable, investable market, while slow or heavy?handed implementation may push activity offshore despite the new order, as early coverage from outlets like Bitcoin.com suggests.
For anyone active in Nigerian crypto, the next month is a key regulatory window; monitoring the framework and white paper will be critical before making longer term plans.
Conclusion
Nigerias executive order and Virtual Asset Council mark a shift from fragmented oversight and occasional crackdowns toward a coordinated regulatory regime for crypto and virtual assets. If the council delivers a workable framework, Nigeria could become one of Africas leading regulated crypto markets, balancing user protection with innovation. The real impact will depend on how registration, tax and sandbox rules are written and enforced in the coming weeks.
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