President Bola Ahmed Tinubu has directed Nigeria’s financial and capital market regulators to step up monitoring of stablecoins and digital currencies, warning that their growing adoption outside the traditional banking system presents new challenges that must be carefully managed.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the global financial system was undergoing rapid transformation.
“There is a digital revolution. Many people are no longer using banks for payments; they have turned to stablecoins and digital currencies. I have therefore directed capital market and banking authorities to take control of this narrative and track it while it is still evolving,” Tinubu stated.
The directive comes as the Securities and Exchange Commission (SEC) intensifies oversight of digital assets under the new Investment and Securities Act 2025, which classifies them as securities. The law empowers the SEC to license Virtual Asset Service Providers, including exchanges and custodians, ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
Tinubu also stressed the importance of using digital tools, artificial intelligence, and open banking to boost efficiency, drive industrialisation, and create jobs. While Nigeria’s GDP is growing, he noted that manufacturing’s contribution to job creation remains inadequate.
On youth development, the President highlighted Nigeria’s demographic advantage, projecting that by 2050 the country will have the largest workforce in the world. He said investments in education, infrastructure, and digital skills were central to preparing young Nigerians for global opportunities.
He further pointed to recent tax reforms consolidating over 100 revenue-collecting agencies into the new Nigeria Revenue Service, effective January 2026, and explained that linking government accounts with the Central Bank of Nigeria would significantly boost revenue mobilisation.
“Financial inclusion must go beyond access to services. It must create quality jobs for our young men and women,” Tinubu added, reaffirming his administration’s focus on job creation, poverty reduction, private sector investment, and economic stability.
Meanwhile, CBN Governor Olayemi Cardoso disclosed that the bank is targeting at least $1bn in diaspora remittances monthly by 2026, up from the current $600m. He said collaboration with commercial banks had already boosted inflows and that channeling these funds into productive sectors would have transformative impact.
CIBN President and Council Chairman, Prof. Pius Olanrewaju, praised the government’s reforms, noting that listed banks have raised over N2.5 trillion since 2024, while net domestic credit to the private sector now stands at over N82 trillion. He also highlighted the growth in non-oil exports, which generated $3.23bn from 236 products in the first half of 2025—a 19.6% year-on-year increase.
The two-day conference, attended by leaders in banking, finance, and technology, focused on leveraging digital innovation, policy reforms, and private investment to achieve inclusive growth and long-term economic transformation.
ADEOLA KUNLE
