Nigeria moves to rein in $59 billion crypto market with executive order

The directive creates a virtual asset council composed of senior financial regulators, designed to synchronize oversight across tax, banking, and capital market agencies. Presidential special adviser Bayo Onanuga confirmed that the order does not replace existing institutional mandates but enforces a coordinated approach to registration, supervision, and tax reporting. By adopting an activity-based model, the government intends to prevent firms from exploiting jurisdictional loopholes that previously left many businesses operating without formal oversight.

This executive action runs parallel to legislative efforts in the Senate, where the Virtual Asset Service Providers Regulation Bill, 2026, is currently under committee review. While the bill aims to codify long-term licensing and compliance standards, the new order provides immediate administrative infrastructure. Tax authorities have already begun integrating these reporting requirements into the national framework, aligning Nigeria with the OECD’s global standards for tracking cross-border digital transactions. These steps follow a surge in stablecoin adoption, which accounts for roughly 60% of such inflows into sub-Saharan Africa as residents seek alternatives to the volatile local currency.