ABUJA, Nigeria — President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) leading oversight of the sector.
The presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect. The order creates a unified framework for regulating digital assets, including cryptocurrencies, stablecoins, and other virtual assets operating within Nigeria’s financial ecosystem.
The executive order marks a significant shift in Nigeria’s approach to digital assets, moving from a fragmented regulatory environment to a coordinated, multi-agency framework. The CBN will oversee the monetary and financial stability aspects of virtual assets, while the SEC will regulate digital assets classified as securities. The NRS will ensure tax compliance and revenue collection from virtual asset transactions.
The Presidency described the executive order as a response to the rapid growth of the digital asset market in Nigeria, which has become one of the largest cryptocurrency markets in Africa. The government aims to protect investors, prevent financial crimes, and ensure that the country benefits from the economic opportunities presented by virtual assets.
The order also mandates the establishment of a Virtual Assets Coordination Committee, comprising representatives from the three lead agencies, to ensure seamless collaboration and policy alignment. The committee will be responsible for developing guidelines, monitoring compliance, and recommending policy adjustments as the market evolves.
The executive order aligns with Nigeria’s broader digital economy agenda, which seeks to position the country as a leader in technology and innovation on the continent. The government has also been working to strengthen financial intelligence capabilities to address the risks associated with virtual assets, including money laundering and terrorist financing.
The Securities and Exchange Commission has been directed to fast-track the development of comprehensive regulations for digital asset offerings, exchanges, and custodians. The CBN has been tasked with developing guidelines for banks and financial institutions on their engagement with the virtual asset ecosystem.
The Nigeria Revenue Service will implement a framework for the taxation of virtual asset transactions, including capital gains tax on cryptocurrency trading and value-added tax on digital asset services.
The executive order has been welcomed by industry stakeholders, who have long called for regulatory clarity to enable the growth of the digital asset industry in Nigeria. However, some have expressed concerns about the potential for over-regulation and the impact on innovation.
The government has assured that the regulatory framework will be balanced, protecting consumers and the financial system while fostering innovation and investment in the digital asset space. The implementation will be phased, with initial guidelines expected within the next three months.
