Economy & Business

Nigeria’s Digital Economy Order Faces Scrutiny Over Crypto Gaps, Expert Says

By NowinAfrica Editorial Board • August 5, 2026 • Economy & Business

President Bola Tinubu signed an executive order in mid-2026 aimed at harmonising Nigeria’s oversight of its digital economy, according to analysis published by The Conversation Africa. The press statement accompanying the order described it as a response to a regulatory environment that has become “fragmented as virtual assets increasingly blur the traditional boundaries between currencies, money, commodities and securities.”

Writing for The Conversation Africa, Iwa Salami, a professor of financial law and regulation, examined whether the executive order adequately addresses the gaps that have long characterised Nigeria’s approach to crypto-asset regulation. Nigeria has ranked among the world’s most active markets for cryptocurrency adoption for several years, a position that has repeatedly placed regulators and policymakers under pressure to provide clearer guidance.

The country’s existing framework has been shaped by overlapping mandates from multiple agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, which have at times issued conflicting guidance on virtual assets. The 2021 directive from the central bank restricting banks from facilitating cryptocurrency-related transactions became a defining reference point in the debate, even as enforcement proved uneven.

Salami’s analysis, as reported by The Conversation Africa, considers the extent to which the new order consolidates authority, defines the legal status of digital assets, and clarifies obligations for operators and users. The expert also assesses whether the framework provides sufficient consumer protection and anti-money-laundering safeguards in line with international standards.

Whether the executive order resolves long-standing ambiguities or simply adds another layer to an already complex regulatory map is likely to shape Nigeria’s standing as a destination for digital-asset activity in the coming years.