Nigeria Embraces Regulated Digital Asset Market

The Central Bank of Nigeria (CBN) is taking steps to bring the country's growing cryptocurrency and virtual asset market under coordinated oversight. This move follows the introduction of the Presidential Executive Order on Virtual Assets Coordination, 2026, which aims to harmonize oversight and improve coordination among financial regulators.

According to Deputy Director Oni Olushola of 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.

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, which are cryptocurrencies designed to maintain a stable value by being linked to assets such as the US dollar, have gained attention among fintech companies and businesses seeking faster cross-border settlement solutions.