Nigeria Plans to Prepare Crypto Regulation Framework

Nigeria’s President Bola Ahmed Tinubu has signed an executive order aimed at resolving what his administration described as fragmentation across the country’s digital asset regulatory framework. Presidential adviser Bayo Onanuga said the order would “harmonize the regulation of virtual assets, strengthen cooperation among the nation’s financial, revenue and capital markets agencies, protect citizens from fraud, and safeguard the integrity of the financial system while enabling responsible innovation.”

The order also creates a virtual asset council led by senior financial regulators to guide national policy. Nigeria’s tax authority is expected to update its approach to digital assets as part of the broader framework. “[T]he order does not create a new regulator or transfer powers between agencies,” said Onanuga. “Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it.

To provide certainty for operators and protection for the public, registration will follow the nature of the activity and the asset involved [...] This closes the gaps through which unregistered operators have previously escaped oversight.“

Strong crypto and stablecoin adoption drives reform

Nigeria has experienced some of Africa’s fastest growth in cryptocurrency and stablecoin adoption. According to a June report from the International Monetary Fund, the country accounted for around 60% of stablecoin inflows into sub-Saharan Africa since 2019.

Nigeria also received approximately $59 billion in crypto inflows between July 2023 and June 2024. “The policy challenge is to narrow the gap that made the workaround [in cross-border payments] attractive, while ensuring that new risks remain contained,” said the IMF on Nigeria’s stablecoin adoption. “That requires a clear strategy: open to innovation but anchored in sound macroeconomic policy and effective regulation.”

Tax rules for crypto providers continue to develop

Although the executive order said the Nigerian Revenue Service would publish further details on the tax implications, the authority had already begun reforming its digital asset policies. In January, officials said the Nigeria Tax Administration Act requires crypto service providers to connect transactions with tax identification numbers and, in certain cases, national identification numbers.

Sources:

https://statehouse.gov.ng/president-tinubu-signs-executive-order-on-virtual-assets-establishes-council-to-harmonise-regulation-of-digital-economy/

https://cointelegraph.com/news/nigeria-order-crypto-regulatory-framework

https://www.imf.org/en/news/articles/2026/06/16/stablecoins-in-nigeria