CBN Takes Center Stage in Nigeria's Digital Asset Regulation

The Central Bank of Nigeria (CBN) is set to play a key role in regulating the country's digital asset market, marking a shift from years of uncertainty towards structured supervision.

This move follows the introduction of the Presidential Executive Order on Virtual Assets Coordination, 2026, which established a framework to harmonize oversight of digital assets and improve coordination among financial, revenue, and capital market regulators.

According to Oni Olushola, Deputy Director of Non-Resident Persons Tax Office at the Nigeria Revenue Service (NRS), the government's approach has shifted from restriction to regulation as it seeks to capture economic value from the digital asset ecosystem.

The Executive Order establishes a coordination mechanism involving key institutions, including the CBN and Securities and Exchange Commission (SEC), in response to concerns over fragmented oversight of an expanding virtual asset market.