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FollowingNigeria President signs executive order to unify the cryptocurrency regulatory framework
Nigeria President Bola Ahmed Tinubu signed an executive order on July 18 aimed at bringing the country's decentralized cryptocurrency regulatory structure into a unified coordination framework. The executive order does not create a new regulatory agency or transfer power between existing agencies, but rather establishes a committee to coordinate the work of Nigeria's financial, tax and capital market regulatory agencies.
Bayo Onanuga, Special Advisor to the President, said the executive order will "unify virtual asset supervision, strengthen cooperation among national financial, tax and capital market agencies, protect citizens from fraud, and safeguard the integrity of the financial system while promoting responsible innovation." He added that under the new structure, each agency still retains all of its statutory powers and independence.
New committee fills regulatory gaps
This executive order establishes a virtual assets committee headed by the head of a senior financial regulator to coordinate agencies 'policies in the field of digital assets. Onanuga said the registration framework will be determined based on the nature of the activity and the types of assets involved. He pointed out that this approach fills the gap that previously allowed unregistered operators to evade regulation.
As part of the executive order, Nigeria's tax agency, the Nigeria Taxation Authority, is also updating its treatment of digital assets. In January 2026, the agency announced that under the Nigeria Tax Administration Act, cryptocurrency service providers must associate transactions with tax identification numbers and in some cases with national identification numbers. The executive order said the agency will provide further explanation of the specific impact on taxpayers.
Nigeria accounts for 60% of stablecoin inflows to sub-Saharan Africa
Nigeria has one of the countries with the highest adoption rates of digital assets on the African continent. According to a June 2026 International Monetary Fund report, Nigeria has accounted for approximately 60% of stablecoin inflows to sub-Saharan Africa since 2019. Between July 2023 and June 2024, the country also recorded total cryptocurrency inflows of approximately US$59 billion.
The International Monetary Fund said that the growth of Nigeria's stablecoins is partly due to the attractiveness of cross-border payment alternatives. The agency pointed out that closing the gaps that make these alternatives attractive requires a clear strategy that is both open to innovation and based on sound macroeconomic policies and effective regulation. This executive order and tax reform are Nigeria's most direct response to this challenge.
