Nigeria embraces crypto as Tinubu signs landmark executive order

In a major shift signalling a new era for digital finance, the federal government of Nigeria has fully embraced cryptocurrencies, stablecoins, and virtual assets, assuring operators that key regulatory bodies are no longer seeking to impede their activities.

Instead, regulators are aligning to establish a unified, business-friendly ecosystem.

Oni Olushola, deputy director and tax controller of the Non-Resident Persons Tax Office at the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), revealed the government’s stance in Lagos at the second edition of the Nigeria Stablecoin Summit (NSS 2.0).

Olushola confirmed that the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the NRS, and the Presidency are now fully aligned on supporting the sector.

A key driver of this shift is the recent signing of the Presidential Executive Order on Virtual Assets Coordination (2026) by President Bola Ahmed Tinubu. The order establishes the Virtual Asset Council, a centralised body chaired by the CBN to streamline cross-agency supervision and eliminate long-standing regulatory friction.

“What the President has done is to ensure that the virtual asset sector is stable,” Olushola stated. “We have had different agencies with overlapping laws, making compliance tedious and inimical to business growth. The new order creates a unified regulatory framework that protects all parties involved while helping us better understand how crypto businesses operate.”

Olushola added that the administration recognises the immense capital flowing through the ecosystem and aims to position Nigeria as the continent’s digital asset hub while building a fair, accessible tax system.

“Don’t wait to be big to start complying with tax laws. Comply to become big,” he advised operators. “It’s a better day for stablecoins—a new dawn. No agency is stopping you now. See us as partners in progress.”

The announcement was widely celebrated by fintech leaders at the summit, organised by the Africa Stablecoin Network around the theme “New Vistas.” Over 500 policy experts, corporate representatives, and fintech leaders gathered to discuss cross-border settlements and payment infrastructure.

Nathaniel Luz, president of the Africa Stablecoin Network and convener of the event, called the development a historic turning point for African commerce.

“For years, the industry operated under a cloud of regulatory ambiguity that stifled institutional participation,” Luz said. “The explicit commitment from the NRS, CBN, SEC, and the Presidency demonstrates that Nigeria recognises digital assets, particularly stablecoins, as crucial financial infrastructure for trade, remittances, and economic inclusion.”

Luz added: “Last year, we opened the door; this year, we are walking through it. The institutions gathered here are no longer speculating—they are building the payment rails that will power African trade for the next decade.”

While celebrating the policy shift, speakers emphasised that compliance remains critical. Tosin Luz, CEO of Nexply Compliance, cautioned operators that rapid operational expansion must be paired with strict consumer protection and data privacy standards.

Other key contributors from Sphere Labs, Vale Holdings, and the Africa Fintech Network highlighted how stablecoins are rapidly evolving from niche speculative products into foundational rails for global payment infrastructure.