President Bola Tinubu signed an executive order on July 17, 2026 [1], establishing a coordinated regulatory framework for virtual assets in Nigeria [2].
The move represents a significant shift in Nigeria's approach to the digital economy. By centralizing oversight, the government aims to balance the growth of financial innovation with the need to protect citizens from the rising tide of cryptocurrency-related fraud [3].
The Presidential Executive Order on Virtual Assets Coordination creates a specialized council to harmonize agency oversight [4]. While sources differ on the exact naming of the body—referring to it as the Virtual Asset Council [5], the Digital Economy Council [6], or an Inter-Agency Council [7]—the entity will be led by the Central Bank of Nigeria (CBN) [8].
Beyond the creation of the council, the order introduces a regulatory sandbox to support innovation [2]. This environment allows fintech companies to test new virtual asset products under controlled supervision before a full public rollout [3].
The executive order also mandates the development of a sector-specific tax policy for virtual assets [2]. This ensures that the digital economy contributes to national revenue, and provides a clear legal structure for investors and exchanges [4].
Government officials said the framework is designed to curb fraud and support the broader digital economy [3]. The coordination between different government agencies is intended to remove the conflicting directives that have previously characterized Nigeria's relationship with virtual assets [8].
“The move represents a significant shift in Nigeria's approach to the digital economy.”
This executive order signals Nigeria's transition from a reactive to a proactive stance on cryptocurrency. By creating a CBN-led council and a regulatory sandbox, the government is attempting to integrate virtual assets into the formal financial system rather than banning them. The introduction of a specific tax policy further suggests that the state now views virtual assets as a permanent and taxable component of the national economy.
