Tinubu Directs Regulators to Set Up Oversight of Digital Currencies

 

 

Tinubu Directs Regulators to Step Up Oversight of Digital Currencies

 

President Bola Tinubu has directed financial and capital market regulators to intensify surveillance of the growing use of stablecoins and other digital currencies in Nigeria, warning that the shift away from conventional banking poses new risks that must be contained early.

 

Delivering the President’s address at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the administration is determined to respond decisively to the “digital revolution” reshaping global financial systems.

 

Tinubu noted that many Nigerians are increasingly relying on virtual currencies for payments outside traditional banking channels. He emphasised the need for regulators to act quickly in framing effective oversight structures, stressing that authorities must “get hold of this narrative” before it evolves beyond control.

 

The Securities and Exchange Commission has already begun tightening its regulatory grip following the passage of the Investment and Securities Act 2025, which designates digital assets as securities. The law mandates the licensing and supervision of virtual asset service providers, including exchanges and custodians, while enforcing stringent Know Your Customer and Anti-Money Laundering rules.

 

The President further observed that while Nigeria’s GDP continues to expand, industrial output, particularly from manufacturing, remains inadequate to create sufficient employment. He identified digital tools, artificial intelligence and open banking as critical to raising productivity and stimulating industrialisation.

 

Underscoring Nigeria’s demographic advantage, Tinubu described the country’s youth as a strategic asset that will shape the global workforce by 2050. He said investments in education, infrastructure and digital skills were central to preparing the next generation for opportunities in an increasingly knowledge-driven economy.

 

On fiscal reforms, Tinubu pointed to the integration of government accounts with the Central Bank of Nigeria and recently enacted tax measures, which he said would strengthen transparency and revenue mobilisation.

 

Central Bank Governor, Olayemi Cardoso, in his intervention, disclosed that the Bank is working towards securing at least $1 billion in monthly diaspora remittances by 2026, up from the current $600 million. He argued that directing such inflows into productive ventures could significantly transform the economy.

 

The President of CIBN, Prof. Pius Olanrewaju, welcomed the ongoing reforms, citing banking recapitalisation, rising private-sector credit, and the expansion of non-oil exports as indicators of resilience in the financial sector.

 

Tinubu reaffirmed that his administration remains committed to stabilising the macroeconomic environment, encouraging private investment, and addressing unemployment and poverty.