President Bola Tinubu has signed an executive order establishing a coordinated regulatory framework for virtual assets and cryptocurrencies in Nigeria, with the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) taking the lead in overseeing the sector.
The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect.
In a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the new order is designed to harmonise the regulation of virtual assets, strengthen collaboration among key financial regulators, protect Nigerians from fraudulent schemes, and promote responsible innovation within the digital asset ecosystem.
According to the Presidency, the directive became necessary due to the fragmented regulatory environment surrounding virtual assets, which increasingly blur the traditional distinctions between currencies, money, commodities, and securities.
The statement noted that the absence of a unified regulatory approach had exposed Nigeria to risks such as money laundering, terrorism financing, cybercrime, fraud, and significant revenue losses.
It further stated that unregistered and fraudulent operators had exploited regulatory gaps to defraud unsuspecting Nigerians, causing many individuals and families to lose their savings.
To address these challenges, the executive order establishes a Virtual Asset Council, which will be chaired by the Central Bank of Nigeria, while the Nigeria Revenue Service and the Securities and Exchange Commission will serve as vice-chairs.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
Onanuga said the council will provide strategic policy direction, enhance coordination among participating agencies, and collaborate with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for regulating virtual assets in Nigeria.
