Tinubu Signs Executive Order Creating Virtual Asset Council for Nigeria

Nigeria's President Bola Tinubu has signed an executive order to create a Virtual Asset Council, marking a significant shift in the country's regulatory framework for cryptocurrencies. The council will be chaired by the Central Bank of Nigeria and include members from the Securities and Exchange Commission and the Nigeria Revenue Service.

The order aims to bring clarity and consistency to the regulation of virtual assets in Nigeria, where an estimated 20-25 million users rely on them as a financial tool due to currency volatility and limited banking access. The council has 30 days to produce a harmonized implementation framework covering the full virtual asset landscape.

The order does not create a new standalone regulator but splits responsibilities among existing agencies. The SEC will handle securities-related activities, while the CBN handles non-securities services, which includes most payment and transfer activity in Nigeria.