Nigeria targets crypto loopholes with new order

• Nigeria has introduced a new executive order to tighten oversight of cryptocurrency activities.
• The government wants to close loopholes linked to tax evasion, money laundering and illicit financial flows.
• Officials say the changes aim to improve financial transparency while supporting responsible innovation.

Nigeria has introduced a new executive order aimed at closing regulatory gaps in the country's cryptocurrency sector.

President Bola Tinubu's administration said the order targets loopholes that allow tax evasion, money laundering and other illegal financial activities.

“There is a need to strengthen oversight while supporting innovation,” government officials said, according to the report.

The order directs regulators to improve coordination, strengthen compliance and tighten monitoring of digital asset transactions across the financial system.

The government said the measures will help improve transparency, protect investors and align Nigeria's digital asset market with international standards.

Nigeria has become one of Africa's largest cryptocurrency markets, with digital assets widely used for payments, savings and cross-border transfers.

The country has gradually shifted from restricting crypto activity to creating a clearer regulatory framework while encouraging responsible growth in the sector.