Nigeria has moved to formalise its approach to digital assets, with President Bola Tinubu signing an executive order that establishes a Central Bank of Nigeria-led council to harmonise cryptocurrency regulation.
The directive marks a decisive pivot in the government's stance, moving from a period of regulatory ambiguity toward a structured oversight model for the country's rapidly expanding virtual asset sector.
The government has previously signalled an ambition to harness blockchain technology for an estimated $40 billion in economic value, but those broader infrastructure plans have been put on hold.
The new framework places the CBN at the centre of policy coordination, tasked with aligning regulations across financial institutions and technology providers.
This centralised approach aims to bring clarity to market participants who have operated in a grey area, while giving authorities the tools to monitor transactions and mitigate financial risks associated with unregulated digital finance.
The executive order comes as Nigeria's crypto adoption continues to outpace formal financial infrastructure, driven by high inflation and currency volatility.
The government has previously signalled an ambition to harness blockchain technology for an estimated $40 billion in economic value, but those broader infrastructure plans have been put on hold.