What does the Virtual Assets Coordination Executive Order actually do?
Signed 17 July 2026, the order creates a Virtual Asset Council, chaired by the CBN, bringing the SEC and the newly formed Nigeria Revenue Service (NRS) together to coordinate licensing, supervision and enforcement of crypto activity. A new Virtual Asset Office inside the CBN acts as the council's day-to-day secretariat, handling licensing applications and information-sharing between agencies.
The stated motivation, per presidency statements reported at the time, is that a lack of coordination between agencies had created risks: money laundering, terrorism financing, cybercrime, fraud, and unregistered operators targeting Nigerians.
Which agency regulates my crypto activity, SEC or CBN?
- SEC: regulates virtual assets classified as securities.
- CBN: oversees payment, settlement, custody and other services linked to virtual assets that are not classified as securities.
- Virtual Asset Council: steps in to resolve cases where it's unclear which agency's jurisdiction applies.
For an everyday P2P trader moving naira in and out of a platform, this security-vs-non-security distinction may not be obvious from the platform's own marketing. If you're using a licensed exchange, check what license type it holds and which regulator issued it, rather than assuming.
How did Nigeria's crypto rules get here?
This is not the first shift in policy, and it likely won't be the last:
- 2021: the CBN directed banks to stop servicing crypto exchanges and crypto-linked accounts.
- 2023: the CBN reversed course, issuing guidance allowing banks to work with licensed virtual asset service providers (VASPs) again.
- 2025: the Investments and Securities Act formally brought virtual assets under SEC's securities framework.
- July 2026: the Executive Order on Virtual Assets Coordination ties SEC, CBN and NRS together under one coordinating structure.
Given this history, treat any specific rule (including everything on this page) as accurate as of its stated date, not as a permanent state of affairs.
People also ask
Can Nigerian banks now work with crypto exchanges?
Since the CBN's 2023 reversal, banks have been permitted to work with licensed VASPs, a change from the outright 2021 restriction. Confirm current bank policy directly with your bank, since individual banks can still set their own risk policies within what the CBN allows.
Do I need a license to trade P2P as an individual?
The licensing requirements described in current reporting are aimed at platforms and service providers (VASPs), not individual retail traders using a licensed platform. This isn't a confirmed legal conclusion for your specific situation, so if you're operating a business around crypto trading rather than trading personally, check with SEC directly.
Is crypto trading taxed in Nigeria?
The Nigeria Revenue Service's involvement in the new coordination council suggests tax treatment is part of the framework, but this page does not cover specific crypto tax rules. Check current NRS guidance separately for that.