Tinubu orders regulatory watch, monitoring of digital currencies

President Bola Tinubu has directed financial and capital market authorities to monitor the increasing use of stablecoins and digital currencies in Nigeria, cautioning that the shift away from traditional banking systems presents emerging challenges that must be proactively managed.

Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, acknowledged the global financial system’s rapid transformation.

“There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoin. They’ve turned to digital currency.

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“To this end, I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving,” the President said.

It was observed that Nigeria’s Securities and Exchange Commission has intensified its regulatory oversight of digital currencies following the enactment of the Investment and Securities Act 2025, which formally classifies digital assets as securities.

This legislation empowers the SEC to license and supervise Virtual Asset Service Providers, including exchanges and custodians, ensuring compliance with stringent Know Your Customer and Anti-Money Laundering standards.

Further emphasising the need for Nigeria’s economy to transition from resilience to reinvention, the President stressed the critical role of digital tools, artificial intelligence, and open banking in driving industrialisation, improving efficiency, and creating jobs.

He noted that while Nigeria’s GDP is growing, the industrial contribution from manufacturing has not reached the level required to generate enough jobs for the nation’s expanding workforce.

“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there for the adoption of digital, AI, and open banking to enhance efficiency,” Tinubu said.

The President also reiterated his administration’s commitment to tapping into the potential of Nigeria’s youth, who are set to form the world’s largest workforce by 2050.

“Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are making investments in education, infrastructure, and digital skills to prepare our youth for the opportunities of tomorrow,” he affirmed.

On fiscal policies, Tinubu referred to the recently enacted tax reforms aimed at establishing a more transparent and efficient tax regime.

He explained that linking government accounts with the Central Bank of Nigeria will increase revenue mobilisation.

“That linkage with the Central Bank, the revenue optimisation team, now gives us full visibility on government finances, and that will yield dividends. It will lead to increased government revenues,” he added.

Further highlighting the importance of financial inclusion, Tinubu stressed that it must go beyond access to financial services and contribute to job creation, particularly for young Nigerians.

“Households need reliable access to affordable financial services and reputable loans. Inclusion really means jobs, quality jobs, attractive jobs, particularly for our young men and women,” he stated.

Tinubu concluded by reaffirming his administration’s commitment to stabilising the macroeconomic environment, creating jobs, reducing poverty, and mobilising private sector investment.

“Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared.

Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, shared the bank’s ambitious target of attracting $1bn per month in diaspora remittances by 2026.

Cardoso noted that remittances remain one of Nigeria’s most reliable sources of foreign exchange and explained that the bank is working to channel these inflows into productive sectors of the economy.

“The Nigerian diaspora is one of the most vibrant in the world. If we are able to harness even a fraction of their earnings and direct them into our economy, the impact will be transformative. That is why we are targeting at least $1bn every month in remittances by 2026,” Cardoso stated.

The CBN Governor also revealed that the bank’s collaboration with commercial banks like Access Bank and Zenith Bank on international outreach programmes has enhanced diaspora confidence and increased inflows.

“When we started that journey, we were at $250m a month. We said we would double that to $500m. Now we are at $600m,” Cardoso noted.

In his address, the President and Chairman of the Council of CIBN, Prof. Pius Olanrewaju, highlighted the conference’s role in shaping impactful decisions for the nation’s economic future.

Olanrewaju pointed to several key developments, including the capital raised by listed banks, which amounted to over N2.5 trillion since 2024.

He also noted that net domestic credit to the private sector has risen to over N82tn this year, helping support businesses and create jobs.

Olanrewaju further highlighted the growth in Nigeria’s non-oil exports, which expanded to 236 products in the first half of 2025, generating $3.23bn in revenue, reflecting a 19.6 per cent year-on-year increase.

He also commended Tinubu for signing four key tax reform bills into law in June 2025, consolidating over 100 tax-collecting agencies into a single Nigeria Revenue Service, set to take effect in January 2026.

The conference, which brought together participants from banking, finance, and technology sectors, focused on the need for Nigeria to leverage digital innovation, policy reforms, and private sector investments to achieve inclusive growth and economic transformation.