Woofun AI reports that Nigerian President Bola Ahmed Tinubu has signed an executive order establishing a Virtual Assets Committee to coordinate regulation across financial, tax, and capital market institutions. The committee comprises heads of major regulatory agencies and aims to address fragmentation in digital asset oversight without creating new bodies or transferring existing powers.

Bayo Onanuga, Special Adviser to the President, confirmed that each institution retains its statutory duties and independence, with registration requirements determined by activity nature and asset type. The tax authority will update digital asset policies to clarify impacts on taxpayers. A June report from the International Monetary Fund (IMF) shows that since 2019, Nigeria has accounted for approximately 60% of stablecoin inflows in Sub-Saharan Africa; between July 2023 and June 2024, the country's cryptocurrency inflows reached approximately $59 billion.