Minimum wage debate reignites amid rising costs in Nigeria

President Tinubu signs executive order to harmonize virtual asset regulation in Nigeria

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new supervisory architecture to harmonize virtual asset regulation in Nigeria. The order, effective immediately, aims to close regulatory gaps exploited by fraudulent operators and position the country to benefit from digital economy innovation. It addresses a fragmented regulatory environment where virtual assets blur traditional boundaries, leading to risks like money laundering, terrorism financing, and fraud. The order creates a Virtual Asset Council, chaired by the Central Bank of Nigeria CBN, with the Nigeria Revenue Service and the Securities and Exchange Commission SEC as vice-chairs. This council, which also includes the Nigerian Financial Intelligence Unit and the Office of the National Security Adviser, will provide policy direction and work with the Attorney-General of the Federation to develop a harmonized legal framework. A Virtual Asset Office, with its secretariat at the CBN, will handle day-to-day coordination. The order clarifies that it does not create a new regulator but coordinates existing agencies' work. Activities involving securities will be registered by the SEC, while payment, settlement, custody, and related services for non-security virtual assets will be registered by the CBN. The CBN is also proceeding with a regulatory sandbox for virtual assets, and the Nigeria Revenue Service will release a specific tax policy for the sector.