Nigeria’s 5-Agency Virtual Asset Council: Executive Order Signed

For crypto investors and exchanges, Nigeria’s shift from fragmented oversight to a coordinated five-agency council could deliver long-awaited regulatory clarity. The move may unlock institutional capital and structured trading while tightening anti-money laundering nets, reshaping the landscape of the world’s most active P2P crypto economy.

Nigeria’s President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, a landmark directive that establishes a five-agency Virtual Asset Council (VAC) to harmonize the regulation of cryptocurrencies and other digital assets. Effective immediately, the order addresses a regulatory patchwork where agencies like the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigeria Revenue Service (NRS) had operated in silos, creating gaps exploited by money launderers, fraudsters, and unregistered operators. The council, chaired by the CBN with the NRS and SEC as vice-chairs, also includes the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). A dedicated Virtual Asset Office will function as the operational arm, tasked with implementing policies and coordinating enforcement.

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The council, chaired by the CBN with the NRS and SEC as vice-chairs, also includes the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).

The impetus behind the order stems from the explosive growth of virtual assets in Africa’s largest economy, which has blurred traditional lines between currencies, commodities, and securities. Nigeria consistently ranks among the top countries globally for crypto adoption, with P2P trading volumes surging after the CBN’s 2021 banking ban effectively shifted transactions underground. That ban was lifted in 2023, and the SEC subsequently released rules for digital assets, but the lack of a unified approach left consumers vulnerable. The government cites repeated instances of Nigerians losing life savings to Ponzi schemes and illicit investment platforms masked as legitimate crypto ventures. The new order aims to plug these holes without imposing additional regulatory layers, respecting the statutory mandates of existing bodies.

The VAC’s mandate is broad: it will provide policy direction, foster inter-agency cooperation, and work with the Attorney-General to develop a harmonized legal and institutional framework. This framework is to be aligned with Nigeria’s national security, economic, and social objectives—signaling that regulation will not only curb crime but also support a legitimate digital asset industry. The order explicitly mentions the need to protect citizens, safeguard financial system integrity, and enable responsible innovation, striking a balance that could attract global exchanges and institutional capital.

For the crypto market, the immediate impact is increased regulatory clarity. Licensed exchanges and service providers may finally see a clear path to operation, while P2P traders might face stricter know-your-customer (KYC) and anti-money laundering (AML) rules. Tax compliance, overseen by the NRS, is likely to tighten, raising government revenue from a sector that has largely evaded formal taxation. However, the council’s composition, including the national security adviser, also hints at surveillance concerns that could dampen enthusiasm if enforcement becomes overly heavy-handed.