The Presidential Executive Order on Virtual Assets Coordination, 2026, takes immediate effect and establishes a Virtual Asset Council chaired by the Central Bank of Nigeria. Rather than creating another regulatory agency, the council will bring together existing regulators to streamline supervision of cryptocurrencies, stablecoins, tokenised assets and other forms of digital assets.
The announcement was made on Friday in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Why the Executive Order Was Introduced
According to the Presidency, the rapid growth of virtual assets has created regulatory challenges because many digital assets no longer fit neatly into existing legal categories.
Cryptocurrencies and other blockchain-based assets can function simultaneously as payment instruments, investment securities, commodities or financial products. This overlap has often resulted in multiple regulators having partial oversight, creating uncertainty for investors, businesses and enforcement agencies.
The new Executive Order is designed to improve coordination among government institutions while strengthening oversight of Nigeria’s digital asset ecosystem.
CBN to Lead Multi-Agency Coordination
Under the new framework, the Virtual Asset Council will serve as the central coordinating body for government agencies responsible for regulating different aspects of digital finance.
Instead of introducing a new regulator, the council will work to harmonise existing rules and improve cooperation between agencies involved in supervising:
- Cryptocurrencies
- Stablecoins
- Tokenised financial assets
- Other blockchain-based digital assets
The government says this approach is intended to reduce regulatory overlap while promoting consistent enforcement across the sector.
The Presidency said the Executive Order reflects the government’s intention to support innovation within Nigeria’s growing digital economy while addressing concerns surrounding fraud, financial crimes and investor protection.
Nigeria remains one of Africa’s largest cryptocurrency markets, with widespread adoption of digital assets for payments, remittances and investments despite years of regulatory uncertainty.
Officials believe a coordinated regulatory structure will provide greater clarity for market participants while helping authorities combat illicit activities linked to virtual assets.
Immediate Implementation
The Executive Order comes into force immediately, signalling the Federal Government’s commitment to establishing a more unified approach to digital asset regulation.
Industry stakeholders are expected to monitor how the newly created Virtual Asset Council works with existing regulatory bodies to develop harmonised policies for Nigeria’s evolving crypto ecosystem.
