Nigeria's Crypto Coordination Order and Record Capital Market Gains Mark Economic Reform

President Bola Ahmed Tinubu signed the Presidential Executive Order on Virtual Assets Coordination for 2026, signalling a shift from previous crypto bans to a collaborative regulatory approach. Nigeria now hosts a $92.1 billion crypto market, ranking sixth globally, with stablecoins accounting for 43% of transaction volume and a February 2026 YouGov survey showing 95% of respondents prefer stablecoins over the naira. The surge in on‑chain activity followed a sharp devaluation of the naira in early 2025, highlighting the sector’s role as a practical dollar substitute and cheaper remittance rail.

Meanwhile, the Nigerian Exchange recorded a 47.4% return for the first half of 2026, its strongest pre‑election performance in nearly three decades. Securities and Exchange Commission director‑general Emomotimi Agama attributed the rally to structural reforms and a market insulated from political cycles, noting the stabilising influence of domestic institutional investors such as pension funds and insurers. Analysts caution that increased election‑related spending could spark inflation, but the overall trend points to a more resilient financial environment ahead of the 2027 elections.