Nigeria creates Virtual Asset Council to oversee cryptocurrency sector

President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, on 17 July 2026. The order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN) with the Nigeria Revenue Service and the Securities and Exchange Commission as vice‑chairs, and includes the Financial Intelligence Unit and the Office of the National Security Adviser. The council will coordinate policy, licensing and supervision of virtual‑asset activities, aiming to close regulatory gaps that have allowed fraud, money‑laundering, terrorism financing and other risks. A Virtual Asset Office, housed within the CBN, will act as the council’s secretariat, handling information exchange and applications through an integrated technology platform. The framework does not create a new regulator; existing agencies retain their mandates but will now cooperate under a common legal and institutional approach to protect investors and support responsible innovation in Nigeria’s digital economy.