Nigeria Virtual Assets Regulation: Tinubu Creates CBN Council

In Short

• President Bola Tinubu signed an executive order to coordinate Nigeria’s virtual assets regulation.
• A new Virtual Asset Council will be chaired by the Central Bank of Nigeria.
• The goal is to align agencies, reduce fraud, and improve oversight.

What Happened

Nigeria virtual assets regulation is getting a new coordination layer after President Bola Ahmed Tinubu signed an executive order to harmonise rules for the sector.

Virtual assets is a broad term for crypto and other blockchain-based instruments, like tokens that can be traded or used for payments. In practice, it includes activities like crypto exchanges, peer to peer trading, and stablecoin transfers.

The order creates a Virtual Asset Council to provide policy direction and improve cooperation across regulators. The council will be chaired by the Central Bank of Nigeria, with the Nigeria Revenue Service and the Securities and Exchange Commission as vice-chairs.

Other members listed include the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser. The presidency said the framework is meant to protect citizens from fraud and strengthen collaboration among financial, revenue, and capital markets agencies.

The move comes as crypto use remains widespread in Nigeria, even after years of changing guidance and enforcement. For everyday users and startups, the biggest pain point has been uncertainty over which regulator leads on what.

Why It Matters

For fintechs and crypto businesses, a coordinated council could reduce conflicting directives between regulators. That matters for licensing, bank account access, reporting requirements, and enforcement.

For users, a clearer framework may improve consumer protection, including rules around scams and suspicious transaction monitoring. It can also shape how virtual asset gains are taxed and how platforms report activity.

The big question is execution. If the council leads to consistent rules and predictable supervision, it could make it easier for compliant platforms such as Busha and Quidax to operate and invest in Nigeria long term.