President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a coordinated framework to regulate virtual assets, combat financial crimes and encourage responsible innovation in Nigeria’s digital asset ecosystem.
The Executive Order, signed pursuant to Section 5 of the 1999 Constitution, takes immediate effect and seeks to harmonise the activities of key financial, revenue and capital market regulators without creating a new regulatory agency.
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According to a statement by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, the Order addresses regulatory gaps created by the rapid growth of virtual assets, which increasingly cut across currencies, securities, commodities and payment systems.
The statement noted that fragmented oversight had exposed the country to risks such as money laundering, terrorism financing, cyber threats, fraud, data privacy breaches and revenue losses, while allowing unregistered operators to exploit unsuspecting Nigerians.
Under the new framework, a Virtual Asset Council will be established and chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, coordinate regulatory activities and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for the sector.
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The Order also creates a Virtual Asset Office, domiciled at the CBN, to serve as the Council’s operational arm by coordinating information sharing, applications and reporting among participating agencies through a shared supervisory technology platform.
The Presidency clarified that the Order does not establish a new regulator or transfer statutory powers from existing agencies. Instead, each institution will retain its mandate, with regulatory responsibilities determined by the nature of the virtual asset or service involved.
Under the arrangement, the SEC will oversee virtual assets classified as securities, while the CBN will regulate payment, settlement, custody and other services involving non-security virtual assets. Any jurisdictional disputes will be resolved by the Council.
As part of the initiative, the CBN will launch a regulatory sandbox to enable eligible operators to test virtual asset products and blockchain-based solutions under close supervision before wider market deployment.
Similarly, the Nigeria Revenue Service will introduce a tax policy for the virtual assets sector to clarify the application of existing tax laws, improve compliance and enhance revenue generation.
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The Federal Government is also finalising a comprehensive Virtual Assets White Paper, which will outline Nigeria’s long-term policy direction and implementation strategy for the sector.
The newly established Council has been directed to produce a Harmonised Implementation Framework within 30 days to facilitate the effective implementation of the Executive Order.