Nigeria has moved to formalise its approach to digital assets, with President Bola Tinubu signing an executive order that establishes a new regulatory framework for virtual assets.
The directive creates a council led by the Central Bank of Nigeria (CBN) tasked with harmonising regulations across the sector, aiming to bring clarity to a market that has previously operated in a grey area.
The move signals a decisive pivot in the country's financial policy, transitioning from a stance of caution to one of structured oversight.
By placing the CBN at the helm of the new council, the administration is signalling that virtual assets will be integrated into the broader financial system under strict supervisory guidelines.
This development is likely to provide the regulatory certainty that institutional investors and fintech firms have long sought in the region.
The decision comes as global regulators increasingly focus on the digital asset space.