CBN Launches Regulatory Framework for Digital Assets

The Central Bank of Nigeria (CBN) is set to play a pivotal role in a new regulatory framework aimed at overseeing the country's rapidly growing cryptocurrency and virtual asset market. This initiative follows the Federal Government's introduction of the Presidential Executive Order on Virtual Assets Coordination, 2026, which seeks to harmonize oversight of digital assets and enhance coordination among financial, revenue, and capital market regulators.

At the Nigeria Stablecoin Summit 2.0 held in Lagos, Oni Olushola, Deputy Director and Tax Controller of the Non-Resident Persons Tax Office at the Nigeria Revenue Service, stated that the government's approach has shifted from restriction to regulation, aiming to capture economic value from the digital asset ecosystem. The Executive Order establishes a Virtual Asset Council chaired by the CBN to create a unified regulatory framework.

Olushola emphasized that the goal is to foster innovation while ensuring consumer protection and government revenue. Nigeria has emerged as one of Africa's largest cryptocurrency markets, driven by demand for alternative payment methods and access to foreign currency-linked digital assets.