Nigeria is moving towards a more coordinated and open approach to cryptocurrency after President Bola Tinubu signed an executive order designed to harmonise the regulation of virtual assets, including stablecoins, digital tokens and blockchain-based payment services.
The Presidential Executive Order on Virtual Assets Coordination, 2026, took immediate effect and is intended to replace fragmented supervision with a common framework involving Nigeria’s financial, capital-market, tax and security authorities.
The government says the objective is to protect investors, reduce financial crime and enable “responsible innovation” in one of Africa’s largest digital-asset markets. The Guardian Nigeria
New council to coordinate regulation
The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria. The Securities and Exchange Commission and Nigeria Revenue Service will serve as vice-chairpersons.
The Nigerian Financial Intelligence Unit and Office of the National Security Adviser will also participate, reflecting concerns about money laundering, terrorist financing, fraud, cybersecurity and revenue losses.
A separate Virtual Asset Office will operate from the central bank and coordinate regulatory applications, reporting and information-sharing between participating authorities.
The order does not create a new regulator or remove powers from existing institutions. Instead, responsibility will depend on the nature of the asset and the service being provided.
The Securities and Exchange Commission will continue to supervise virtual assets classified as securities or investment products. The central bank will oversee payment, settlement, custody and other services involving virtual assets that are not treated as securities.
Where responsibilities overlap, the new council will determine which authority should take the lead.
Controlled testing for cryptocurrency companies
The central bank will establish a regulatory sandbox in which approved companies can test cryptocurrency products, stablecoin services and blockchain applications under official supervision.
The sandbox is intended to allow regulators to examine potential effects on monetary policy, financial stability, consumer protection, market integrity and financial inclusion before services are released to the wider public.
Nigeria Revenue Service is also expected to introduce a dedicated tax policy for the virtual-assets industry. The policy will clarify how existing tax laws apply to cryptocurrency companies and transactions while seeking to improve voluntary compliance.
The government is separately preparing a Virtual Assets White Paper outlining its longer-term strategy. The new council has been directed to produce a harmonised implementation framework within 30 days.
Stablecoins could benefit
Stablecoins have become increasingly important in Nigeria, particularly for cross-border transfers, international trade and protection against fluctuations in the naira.
The new framework could move more stablecoin activity into regulated channels, but operators are likely to face stricter expectations concerning reserve assets, customer-fund segregation, redemption rights and consumer protection.
Nigeria’s position on cryptocurrency has changed considerably since 2021, when the central bank prohibited financial institutions from processing cryptocurrency transactions. Banking access for regulated virtual-asset providers was later restored, while the Investments and Securities Act 2025 formally brought digital assets into the country’s regulatory system.
Tinubu’s order therefore does not represent unrestricted cryptocurrency adoption. It signals that Nigeria intends to permit digital-asset innovation while bringing exchanges, stablecoin operators, custodians and payment providers more firmly within the country’s financial, tax and security structures.
Newshub Editorial in Africa – 27 July 2026
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