Nigeria's President Issues Executive Order to Tighten Oversight of Virtual Assets
AI Market Summary
Nigeria's president signed an executive order creating a centralized supervisory framework for virtual assets, targeting unregistered operators and clarifying agency roles between the CBN and NSEC. The immediate-effect rules, new Virtual Assets Committee, and planned regulatory sandbox can improve compliance pathways and reduce policy uncertainty for qualified operators. Near term, the crackdown risk may pressure informal activity while formal channels gain legitimacy.
Impact level
● Medium
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Odaily Planet Daily News: Nigerian President Bola Tinubu has signed an executive order on virtual assets, bringing immediate rules to the sector and targeting unregistered operators. The order sets up a unified supervisory framework to address what has been a fragmented regulatory landscape.
A newly created Virtual Assets Committee will act as the main policymaking and coordination body. The Central Bank of Nigeria (CBN) will chair the committee, with the Federal Inland Revenue Service and the Nigerian Securities and Exchange Commission (NSEC) serving as vicechairs. The CBN will also establish a Virtual Assets Office to manage day-to-day interagency coordination and information sharing.
Under the new structure, NSEC will oversee securities-related financial activities. The CBN will be responsible for payment, settlement and custody services involving non-securities virtual assets. The CBN also plans to roll out a regulatory sandbox so qualified operators can test virtual-asset products and blockchain solutions under supervision.
The Virtual Assets Committee is required to produce an implementation framework for the executive order within 30 days.
