CBN Cracks Down on Crypto Chaos with New Regulatory Framework

The Central Bank of Nigeria (CBN) is working on a regulatory framework to oversee the country's cryptocurrency and virtual asset market. This move follows the introduction of the Presidential Executive Order on Virtual Assets Coordination, 2026, which aims to harmonize oversight among financial, revenue, and capital market regulators.

The CBN, along with other government institutions, is creating a more predictable environment for cryptocurrency businesses, stablecoin operators, and virtual asset service providers. Deputy Director Oni Olushola of the Nigeria Revenue Service emphasized that the new framework will help all parties involved better understand how the crypto business runs and protect them.

Nigeria has become one of Africa's largest markets for cryptocurrency adoption, driven by demand for alternative payment channels, remittances, and access to foreign currency-linked digital assets. Stablecoins have gained attention among fintech companies and businesses seeking faster cross-border settlement solutions.