Tinubu Signs Order to Harmonize Nigeria's Crypto Regulations Amid Industry Gaps

Nigeria's new digital economy rules have left significant gaps in regulating cryptocurrencies. President Bola Tinubu signed an executive order in mid-2026 to harmonize the country's oversight of the digital economy, citing a fragmented regulatory environment caused by virtual assets blurring traditional boundaries between currencies, money, commodities, and securities.

Virtual assets, including crypto-assets like Bitcoin and Ether, stablecoins, tokenized securities, and other digital tokens, are increasingly used for payments, remittances, and settlements. They offer easy access compared to cash, foreign currency, or bank services, with the ability to buy them directly from a crypto-asset exchange by signing up, verifying identity, and depositing fiat currency.

The Central Bank and Securities and Exchange Commission have given opposing signals on regulating crypto-asset transactions, leading to confusion and gaps in oversight. The lack of clarity has had negative consequences, pushing activities underground, making money laundering and terrorism financing worse, and discouraging institutional investment and lost tax revenue.