President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified regulatory framework for Nigeria’s fast-growing virtual assets sector. The order aims to harmonize oversight across financial regulators, protect investors from fraud, and support responsible innovation in the country’s digital economy. It took immediate effect upon signing.
The Executive Order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs.
Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). Rather than creating a new regulator, the council will coordinate existing agencies to eliminate regulatory overlaps and close loopholes exploited by fraudulent operators.
Under the new framework, virtual assets classified as securities will remain under the SEC’s supervision, while the CBN will oversee payment, settlement, custody, and other non-security virtual asset services.
The Presidency said the reforms were necessary because fragmented regulation had exposed Nigerians to fraud, money laundering, cybercrime, terrorism financing, and significant revenue losses.
The government also announced plans for a CBN regulatory sandbox, allowing fintech firms and blockchain companies to test new products under regulatory supervision before wider market rollout.
In addition, the Nigeria Revenue Service will introduce a dedicated tax policy for virtual assets, while the newly formed council has been given 30 days to develop a harmonized implementation framework. Officials say the reforms are designed to improve investor confidence while ensuring innovation does not come at the expense of financial stability or consumer protection.
