Nigerian President Bola Tinubu signed an executive order on July 17 to unify virtual asset regulations and enhance consumer protection against fraud.
New Regulatory Framework and Oversight
The order addresses fragmented rules and unregistered operators by creating a coordinating body called the Virtual Asset Council. Chaired by the Central Bank of Nigeria (CBN), it includes the Nigeria Revenue Service and the Nigeria Securities and Exchange Commission (NSEC) as vice chairs. Other members are the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser.
The Virtual Asset Office, based within the CBN, will manage daily activities and facilitate information exchange across agencies using an integrated technology platform. This structure preserves current agencies' roles, splitting registration duties: the NSEC will oversee securities-linked virtual assets, while the CBN will regulate payments, settlements, and custody of non-security virtual assets.
According to Bayo Onanuga, the president's special adviser on information and strategy, the move aims to prevent risks from regulatory overlaps and gaps that fraudulent actors have exploited, resulting in losses for citizens.
Alongside the order, the CBN intends to introduce a regulatory sandbox for testing virtual asset products and blockchain solutions under supervision before public deployment. The Nigeria Revenue Service will develop a dedicated tax policy to encourage compliance within the sector.
The Virtual Asset Council has 30 days to develop an implementation framework. The government is also preparing a full Virtual Assets White Paper to define its long-term vision.
