Nigeria Signs Executive Order Coordinating Crypto Regulation Between CBN and SEC
A new Executive Order sets up a CBN-chaired Virtual Asset Council to coordinate crypto oversight across regulators, without stripping the SEC of its existing mandate.
Introduction
Nigeria has moved to close a long-running gap in how it regulates crypto, with President Bola Tinubu signing an Executive Order that creates a coordinated oversight structure between the CBN and SEC rather than handing full control to a single regulator.
Key Takeaways
- The Presidential Executive Order on Virtual Assets Coordination, 2026 took effect immediately on Friday, July 17
- It establishes a Virtual Asset Council chaired by the CBN, with the SEC as vice-chair
- No new regulator is created and no powers are transferred; each agency keeps its existing mandate
- Registration splits by activity type: securities-type assets go through the SEC, payment and custody services for non-security assets go through the CBN
- The order follows a January 2026 SEC circular that raised digital asset exchange capital requirements fourfold, from N500 million to N2 billion
For Nigerian crypto operators, this matters because the regulatory picture had grown genuinely confusing. The Investments and Securities Act, 2025 had made the SEC the apex crypto regulator, and exchanges had already begun onboarding under its Accelerated Regulatory Incubation Programme. This Executive Order does not reverse that, but it adds a coordinating layer above it, with the CBN taking the chair.
What the order actually does
The new Virtual Asset Council is chaired by the CBN, with the SEC as vice-chair alongside the Nigerian Revenue Service, the Nigerian Financial Intelligence Unit, and the Office of the National Security Adviser. Rather than creating a new agency, the order sets rules for how existing regulators divide responsibility: activities that qualify as securities register with the SEC, while payment, settlement, and custody services involving virtual assets that are not classified as securities register with the CBN. Where an activity does not clearly fit either category, the Council decides jurisdiction.
The CBN is also proceeding with a regulatory sandbox for virtual assets, giving licensed blockchain and crypto businesses a controlled environment to test products before a full launch.
Why it matters
This order applies to anyone operating a crypto exchange, custody service, or payment product involving virtual assets in Nigeria, and it changes which regulator they primarily deal with depending on what exactly they offer. It arrives roughly a month after the Senate advanced the Virtual Asset Service Providers Regulation Bill, 2026 to its second reading, and follows the SEC's January capital requirement increase, both signs that Nigerian crypto regulation has been tightening steadily through 2026 rather than reaching a fixed and final framework.
Frequently Asked Questions
Does this Executive Order replace the SEC as Nigeria crypto regulator?
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Want more on how Nigerian financial regulation is evolving? Read our coverage of recent CBN and SEC policy changes.
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Sources
- Nigeria Launches Coordinated Regulatory Framework for Virtual Assets - TechAfrica News(news_outlet)
- Tinubu Signs Nigeria Virtual Asset Order Effective July 17 - Coininsider(news_outlet)
- Tinubu orders CBN to crack down on crypto fraud - Technext24(news_outlet)
- Nigeria Crypto Regulation 2026: How the New Virtual Assets Framework Will Work - WithinNigeria(news_outlet)