President Bola Tinubu has approved a new executive order introducing a unified 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 centre of oversight for the industry.
The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026 has taken immediate effect.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Federal Government said the order is designed to improve coordination among regulators, strengthen consumer protection, reduce financial crimes and support innovation within Nigeria’s growing virtual assets ecosystem.
According to the statement, the fast-paced growth of virtual assets has blurred “the traditional boundaries between currencies, money, commodities and securities,” making it increasingly difficult for existing regulatory structures to operate effectively.
The Presidency explained that poor coordination between government agencies has created loopholes that have exposed the country to money laundering, terrorism financing, cybercrime, fraud and tax 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 close these gaps, the executive order establishes a Virtual Asset Council, which will be chaired by the CBN, while the NRS and SEC will serve as vice-chairpersons.
Other members of the council include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
Onanuga said the council will provide strategic policy guidance, improve collaboration among regulatory institutions and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for virtual asset regulation.
The order also creates a Virtual Asset Office, which will operate from the CBN and serve as a central point for information sharing, regulatory applications and reporting among the relevant agencies.
The Presidency clarified that the new arrangement does not introduce another regulator or remove any statutory responsibilities 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 framework, the SEC will continue overseeing virtual assets that qualify as securities, while the CBN will regulate payment, settlement, custody and other services linked to non-security virtual assets. Where uncertainty exists over which agency should supervise a particular activity, the Virtual Asset Council will make the final determination.
The Presidency also revealed that the CBN is advancing plans to launch a regulatory sandbox for the virtual assets sector.
According to Onanuga, the sandbox will allow qualified operators to test blockchain solutions, virtual asset products and other emerging technologies under regulatory supervision before they are introduced into the broader market.
“It will help ensure that innovations that reach Nigerians have been properly examined and supervised,” he said.
The apex bank is expected to provide further details on the initiative in due course.
The statement further disclosed that the Nigeria Revenue Service will roll out a dedicated tax policy for virtual assets to provide clarity on how existing tax laws apply to the sector and encourage voluntary compliance.
The Federal Government is also putting the finishing touches on a Virtual Assets White Paper, which will outline the country’s long-term strategy for the industry.
In addition, the newly inaugurated Virtual Asset Council has been given 30 days to develop a harmonised implementation framework for the execution of the presidential directive.