Nigeria orders central bank-led virtual asset council

TLDR

Nigeria has created a Central Bank of Nigeria led Virtual Asset Council through a new executive order to coordinate crypto regulation and clamp down on unregistered operators.

1. President Bola Tinubu signed an executive order creating a Central Bank led Virtual Asset Council to unify crypto oversight and reduce fraud and financial crime.
2. Duties are split between the Central Bank, Securities and Exchange Commission and Revenue Service, with a sandbox and sector specific tax policy planned for virtual assets.
3. The council has 30 days to propose its implementation framework, so the real impact will depend on how registration, enforcement and tax rules are written.

Deep Dive

1. New Oversight Framework

The Presidential Executive Order on Virtual Assets Coordination, 2026 creates a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Revenue Service and Securities and Exchange Commission (SEC) as vice chairs and other security and intelligence bodies as members, according to a CoinsKid community summary of the Presidential Executive Order on Virtual Assets Coordination.

The order aims to fix Nigeria's previously fragmented approach to crypto by coordinating agencies, protecting citizens from fraud and curbing money laundering and terrorism financing, while avoiding new layers of bureaucracy. A dedicated Virtual Asset Office inside the CBN will handle day to day coordination and information sharing.

Importantly, the order does not create a brand new regulator. Instead, it defines how existing agencies should work together and gives the council 30 days to draft the detailed rollout framework, alongside a broader virtual assets white paper that is being prepared.

2. Impact On Operators And Users

Registration and supervision are divided. The SEC will oversee securities related token activity, while the CBN will manage payments, settlement and custody services for non security virtual assets, as described in a Bitcoin.com report on the executive order regulating Nigeria's crypto sector.

The CBN plans a regulatory sandbox where exchanges and startups can test virtual asset products and blockchain solutions under supervision, and the Revenue Service is developing a dedicated tax policy for the sector. That points toward a shift from informal bans and bank restrictions toward regulated, registered activity.

For exchanges and projects serving Nigerian users, this could open a clearer path to licensed operations but will likely raise compliance costs, especially for small local startups that must navigate new registration, reporting and tax rules.

3. Implementation Timeline And Risks

The council is required to deliver its implementation framework within 30 days, but the substance of those rules will determine whether the order is market friendly or restrictive. Key questions include how foreign exchanges will be treated, where the line between security and non security tokens is drawn, and how aggressive enforcement against unregistered operators becomes.

There is also coordination risk. Multiple agencies must agree on standards, and delays or inconsistent guidance could prolong uncertainty. On the other hand, swift, practical rules could make Nigeria more attractive for institutional players looking for regulated African exposure.

Confidence: high because multiple independent reports describe the same council structure, timelines and regulatory split.

Conclusion

Nigeria is moving from fragmented, sometimes hostile crypto oversight toward a coordinated framework led by its central bank. The new Virtual Asset Council and CBN sandbox could eventually legitimize compliant exchanges and projects, while raising the bar for registration, tax compliance and risk controls.

Until the council publishes its detailed framework, the headline effect is mainly signaling. For crypto users and businesses, the next 30 days of Nigerian regulatory announcements will show whether this becomes a supportive licensing regime or a tougher enforcement push.