Overview
- The presidential executive order was signed on Friday, July 17, and creates a Virtual Asset Council chaired by the Central Bank of Nigeria with representatives from the tax authority and securities regulator.
- The council has 30 days to produce a harmonised implementation framework that will set rules for registration, licensing, a regulatory sandbox, and tax reporting tied to virtual‑asset activity.
- The order coordinates oversight without creating a new regulator and explicitly preserves each agency’s existing statutory powers, leaving securities, banking and revenue roles in place.
- Policymakers point to scale and risks as the reason for urgency: the IMF estimated about $59 billion in crypto inflows to Nigeria from July 2023–June 2024 and Nigeria hosts an estimated 20–25 million virtual asset users.
- Legislative work on SB 956 continues in parallel, and the specifics the council delivers on sandbox design, licensing thresholds and tax treatment will determine whether international exchanges re‑engage and how users and small businesses are affected.