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 leading roles 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 Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Federal Government said the directive is aimed at harmonising the regulation of virtual assets, strengthening collaboration among financial regulators, protecting consumers from fraud and promoting responsible innovation.
According to the statement, the executive order was introduced to address a fragmented regulatory environment where virtual assets increasingly blur the boundaries between currencies, money, commodities and securities.
The Presidency noted that regulatory gaps had exposed the country to money laundering, terrorism financing, cybercrime, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.
To improve regulatory coordination, the executive order establishes a Virtual Asset Council to be chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission serving as vice-chairpersons.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council is expected to provide policy direction, enhance inter-agency collaboration and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for regulating the virtual assets sector.
The order also creates a Virtual Asset Office within the CBN to coordinate information sharing, applications and reporting among relevant regulatory agencies.
The Presidency clarified that the framework does not establish a new regulatory agency or transfer statutory powers from existing institutions.
“Significantly, the Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement added.
Under the new framework, virtual assets classified as securities will remain under the regulatory oversight of the Securities and Exchange Commission, while the Central Bank of Nigeria will supervise payment, settlement, custody and other services involving non-security virtual assets.
Where regulatory jurisdiction is unclear, the Virtual Asset Council will determine the appropriate supervising agency.
The Presidency also disclosed that the CBN is advancing plans to establish a regulatory sandbox that will allow eligible operators to test virtual asset products, blockchain technologies and related services under regulatory supervision before they are introduced into the broader market.
According to Onanuga, the initiative is intended to ensure that innovative products are adequately assessed before reaching Nigerian consumers.
In addition, the Nigeria Revenue Service will develop a tax policy for the virtual assets industry to clarify the application of existing tax laws and improve voluntary tax compliance.
The Federal Government also announced that it is finalising a Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction for the sector.
The newly inaugurated Virtual Asset Council has been directed to produce a harmonised implementation framework within 30 days to facilitate the rollout of the executive order.