President Bola Tinubu has approved an executive order establishing a coordinated regulatory framework for virtual assets, placing the Central Bank of Nigeria (CBN), Nigeria Revenue Service (NRS) and Securities and Exchange Commission (SEC) at the centre of oversight efforts.
The Presidency announced on Friday that the Presidential Executive Order on Virtual Assets Coordination, 2026, has taken immediate effect.
In a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said the framework was designed to unify regulation of the virtual assets sector, improve cooperation among regulators, protect citizens from fraudulent activities and promote responsible innovation.
According to the statement, the move became necessary because the rapid growth of digital assets has created regulatory overlaps, with virtual assets increasingly cutting across traditional categories such as currencies, commodities and securities.
The Presidency noted that weak coordination among regulators had exposed Nigerians to risks including money laundering, terrorism financing, cybercrime, fraud and revenue losses.
“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement said.
The executive order establishes a Virtual Asset Council chaired by the CBN, with the Nigeria Revenue Service and the Securities and Exchange Commission serving 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 would provide policy direction, improve cooperation among agencies and collaborate with the Attorney-General of the Federation to develop a unified legal and institutional framework for the sector.
The order also creates a Virtual Asset Office domiciled at the CBN to coordinate information sharing, regulatory applications and reporting processes among relevant institutions.
The Presidency clarified that the framework does not create a new regulator or remove the statutory responsibilities of existing agencies.
“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 new arrangement, virtual assets classified as securities will remain under SEC regulation, while the CBN will supervise payment, settlement, custody and related services involving non-security virtual assets.
Where regulatory responsibilities are unclear, the Virtual Asset Council will determine the appropriate supervising authority.
The Presidency also disclosed that the CBN is preparing to introduce a regulatory sandbox that will allow approved operators to test blockchain-based products and virtual asset services under regulatory supervision.
Onanuga said the initiative would ensure that digital solutions introduced into the Nigerian market undergo proper assessment before reaching consumers.
The CBN is expected to provide further details on the sandbox programme.
The Nigeria Revenue Service will also develop a dedicated tax policy for virtual assets to clarify tax obligations and improve compliance within the sector.
The Federal Government is equally working on a Virtual Assets White Paper that will define Nigeria’s long-term policy direction for digital assets.
The newly established Virtual Asset Council has been mandated to produce an implementation framework within 30 days to guide the execution of the executive order.
