CBN Takes Control of Nigeria's Cryptocurrency Market

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

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

Government officials highlighted taxation as a major focus, urging cryptocurrency companies and startups to prioritise compliance from the beginning rather than waiting until they become larger businesses.

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