President Bola Tinubu has approved a new executive order introducing a coordinated regulatory framework for virtual assets in Nigeria, placing the Central Bank of Nigeria (CBN), the Nigeria Revenue Service (NRS), and the Securities and Exchange Commission (SEC) at the forefront of overseeing the industry.
The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, has taken immediate effect.
According to a statement from the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the initiative is designed to streamline the regulation of virtual assets, improve cooperation among financial regulators, safeguard Nigerians against fraud, and support responsible innovation in the sector.
The government explained that the order was introduced because the rapid growth of virtual assets has made it increasingly difficult to distinguish between currencies, commodities, securities, and other financial instruments, leading to overlaps and gaps in regulation.
It also noted that poor coordination among regulatory bodies has exposed the country to risks such as money laundering, terrorism financing, cybercrime, fraud, and revenue losses. Authorities added that fraudulent and unregistered operators have exploited these weaknesses, causing financial losses for many Nigerians.
As part of the new framework, a Virtual Asset Council has been established, with the CBN serving as chairman, while the NRS and SEC will act as vice-chairmen. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The council will provide policy direction, strengthen collaboration among participating agencies, and work alongside the Attorney-General of the Federation to develop a unified legal and institutional framework for regulating virtual assets in Nigeria.
In addition, a Virtual Asset Office will be created within the CBN to coordinate information sharing, process applications, and manage reporting among the relevant agencies.
The Presidency emphasized that the framework does not establish a new regulator or reduce the powers of existing institutions. Instead, each agency will continue to perform its statutory responsibilities independently while working together through the coordinated framework.
Under the arrangement, the SEC will remain responsible for regulating virtual assets classified as securities, while the CBN will oversee payment systems, settlement, custody services, and other non-security virtual asset activities. Where regulatory authority is uncertain, the Virtual Asset Council will determine which agency should take the lead.
The government also revealed that the CBN is advancing plans to launch a regulatory sandbox, allowing approved operators to test virtual asset products, blockchain solutions, and other financial innovations under regulatory supervision before they are introduced to the broader market.
