President Bola Tinubu has instructed Nigeria’s financial and capital market regulators to intensify oversight of stablecoins and digital currencies, warning that the growing shift away from traditional banking poses emerging risks that must be proactively managed.
At the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, Tinubu represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun acknowledged the fast-changing global financial system. He stressed that more Nigerians are bypassing banks in favour of digital currencies.
“There is a digital revolution. Many people are no longer using banks for payments; they have turned to stablecoins and other digital currencies,” Tinubu said. “I have directed capital market and banking authorities to take control of this narrative and track it as it evolves.”
The directive comes as Nigeria strengthens its regulatory framework for digital assets under the Investment and Securities Act 2025, which designates them as securities. The legislation empowers the Securities and Exchange Commission (SEC) to license and regulate Virtual Asset Service Providers, including exchanges and custodians, while enforcing strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
Tinubu said Nigeria must move beyond resilience and embrace reinvention, with digital innovation, artificial intelligence, and open banking playing central roles in industrialisation, efficiency, and job creation. While the country’s GDP continues to grow, he noted, manufacturing has not made a strong enough contribution to employment generation.
“Our GDP is expanding, but the industrial share from manufacturing is insufficient to create the jobs we need. Embracing digital tools, AI, and open banking will help us close that gap,” he said.
The President underscored the importance of harnessing Nigeria’s young population, which is projected to become the largest workforce in the world by 2050. He said his administration is prioritising education, infrastructure, and digital skills to prepare youths for global opportunities.
On fiscal policy, Tinubu referenced recent tax reforms aimed at improving transparency and efficiency. He added that linking government accounts with the Central Bank of Nigeria (CBN) is already boosting revenue mobilisation. “That linkage gives us full visibility into government finances and will lead to increased revenues,” he said.
He also stressed that financial inclusion must go beyond access to services to meaningfully impact livelihoods. “Inclusion means jobs quality and attractive jobs, especially for our young men and women,” he stated.
Reaffirming his administration’s priorities, Tinubu pledged to stabilise the economy, reduce poverty, and attract private investment. “Those that innovate, reform, and collaborate will thrive. This is the path Nigeria is firmly committed to,” he said.
Meanwhile, CBN Governor Olayemi Cardoso announced that the apex bank is targeting $1 billion per month in diaspora remittances by 2026. He described remittances as one of Nigeria’s most reliable sources of foreign exchange and said ongoing partnerships with banks such as Access and Zenith have strengthened diaspora confidence.
“If we can channel even a fraction of diaspora earnings into our economy, the impact will be transformative,” Cardoso said.
