Nigeria launches virtual asset oversight council

TLDR

Nigeria has created a coordinated Virtual Asset Council to oversee crypto and other digital assets through a new presidential executive order.

1. The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria, with SEC and tax authorities as vice chairs, plus intelligence and security agencies.
2. Existing regulators keep their powers, but a shared office and sandbox aim to harmonize rules, crack down on unregistered operators, and support responsible innovation in Nigerias large crypto market.
3. Key next steps are a 30 day implementation framework, a sector tax policy, and a virtual assets white paper that will determine how strict or supportive the regime becomes.

Deep Dive

1. New Oversight Framework

President Bola Tinubu has signed an Executive Order on Virtual Assets Coordination that takes effect immediately, creating a Virtual Asset Council as Nigerias main policy body for digital assets. The council is chaired by the Central Bank of Nigeria (CBN), with the Revenue Service and Securities and Exchange Commission as vice chairs, and includes the Financial Intelligence Unit and National Security Adviser as members, according to detailed summaries of the order from Nigerian officials and local reporting shared via Nigeria Crypto Regulation.

A Virtual Asset Office within the CBN will coordinate day to day supervision and information sharing through an integrated technology platform, while the order explicitly avoids creating a new regulator or stripping existing agencies of their mandates.

2. Impact On Crypto Users

Under the new framework, the securities regulator continues to oversee tokenized securities, while the CBN supervises payments, settlements, custody and other services tied to non security virtual assets, as described in the executive order coverage from Bitcoin.com. The CBN also plans a regulatory sandbox where exchanges and startups can test virtual asset products under supervision.

The Revenue Service is preparing a dedicated tax policy for the sector, and the council must deliver a Harmonised Implementation Framework within 30 days. Given that Nigeria processed over 92.1 billion dollars in on chain value and an estimated 22 million people used or held crypto between 2024 and 2025, according to local data cited in a virtual assets white paper preview, clearer rules could significantly affect everyday users and businesses.

3. What To Watch Next

The council has 30 days to produce a rollout framework, and the government is finalizing a broader Virtual Assets White Paper that will shape long term policy for the sector. The tone of these documents, especially on issues like capital controls, exchange licensing, stablecoins and tax treatment, will determine whether Nigeria becomes a more friendly hub for regulated digital asset activity or a tougher environment for smaller and informal operators.

Confidence: high because multiple official and independent reports align on the orders scope, structure, and timelines.

Conclusion

Nigerias new Virtual Asset Council is a shift from fragmented, sometimes hostile oversight toward coordinated regulation of a very large domestic crypto market. If implementation is efficient and balanced, it could improve user protection and attract more institutional participation, while heavier compliance costs and stricter enforcement remain key risks for smaller platforms and informal traders.