President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to coordinate the regulation of virtual assets across key financial, revenue and capital market institutions.
Signed pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the order takes immediate effect and is designed to strengthen inter-agency collaboration, protect Nigerians from fraud, safeguard the integrity of the financial system and support responsible innovation in the virtual assets sector.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Executive Order addresses regulatory gaps created by the convergence of currencies, money, commodities and securities. Rather than creating a new regulator, it harmonises oversight among existing agencies while preserving their statutory mandates.
To drive implementation, the 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-chairpersons. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide strategic policy direction, foster collaboration among participating agencies and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework aligned with Nigeria’s national security, economic and social objectives.
The Order also creates a Virtual Asset Office, domiciled at the CBN, to serve as the Council’s operational arm. The Office will coordinate information sharing, applications and reporting through an integrated supervisory technology platform that enables collaboration while allowing each agency to retain ownership and control of its data.
The statement clarified that regulatory responsibilities will continue to be determined by the nature of the asset or activity. Securities-related virtual asset activities will remain under the oversight of the SEC, while payment, settlement, custody and other non-security virtual asset services will be supervised by the CBN. Where jurisdiction is unclear, the Council will determine the appropriate regulatory authority.
As part of the new framework, the CBN will launch a regulatory sandbox to allow eligible operators to test virtual asset products, services and blockchain-based solutions in a controlled environment under regulatory supervision. The initiative is expected to help authorities assess the implications of emerging technologies for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion and revenue generation before they are introduced into the broader market.
The statement noted that fragmented regulation had previously created overlaps and enforcement gaps, exposing Nigeria to risks such as money laundering, terrorism financing, cyber threats, data privacy breaches, fraud and revenue losses. It added that some unregistered operators had exploited these weaknesses to defraud unsuspecting Nigerians.
In addition, the Nigeria Revenue Service is expected to unveil a tax policy for the virtual assets sector to provide clarity on the application of tax laws, improve compliance and ensure the industry contributes fairly to national revenue.
The federal government is also finalising a virtual assets white paper, which will outline Nigeria’s long-term policy direction and implementation priorities for the sector.
The Council has been directed to develop a harmonised implementation framework within 30 days to facilitate coordinated implementation of the Executive Order and ensure its swift execution.
