Tinubu Orders Stronger Digital Currency Oversight in Nigeria Amid Rising Adoption
By DAYO ADESULU
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to intensify digital currency oversight in Nigeria as stablecoins, AI, and open banking reshape the nation’s financial sector.
Tinubu Calls for Stricter Digital Currency Oversight in Nigeria
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulatory agencies to intensify oversight of digital currencies in Nigeria, stressing the urgent need to monitor the rapid rise of digital payments outside traditional banking.
The president gave the directive at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. He was represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Why Oversight of Digital Currencies Matters
According to Tinubu, Nigerians are increasingly turning to stablecoins and digital currencies for transactions, bypassing conventional banks. He described this shift as a “digital revolution” that regulators must quickly address:
“Many people now make payments without using the banking system. They’ve turned to stablecoins and digital currencies. To this end, I have directed capital market and banking authorities to track this narrative while it is still evolving.”
The Role of AI, Open Banking, and Digital Tools
Tinubu also emphasised the importance of artificial intelligence (AI) and open banking in building a modern, efficient economy.
“Yes, our GDP is growing, but the industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there—digital adoption, AI, and open banking—to enhance efficiency and productivity.”
CBN Projections: $1 Billion Monthly Remittances
At the same event, CBN Governor Olayemi Cardoso revealed that Nigeria’s diaspora remittances are on a steep rise.
- Remittances stood at $250 million/month initially.
- They rose to $600 million/month in 2025.
- By next year, projections point to $1 billion/month.
This surge reflects the growing reliance on digital channels to move money, further underlining the need for stronger digital currencies oversight in Nigeria.
Banking Sector Strengthens Balance Sheets
Also speaking at the conference, Prof. Pius Deji Olanrewaju, President of CIBN, highlighted recent efforts to stabilise Nigeria’s financial system:
- Since 2024, 16 listed banks have raised over ₦2.5 trillion in fresh capital.
- Net domestic credit to the private sector has now crossed ₦82 trillion, supporting businesses and job creation.
Conclusion
President Tinubu’s directive signals a major policy shift toward tighter digital currencies oversight in Nigeria. With stablecoins, AI, and open banking shaping the future of finance, the government aims to strike a balance between innovation and regulation, ensuring financial stability while embracing new technologies.
As the CBN projects $1 billion in monthly remittances by 2026, the financial sector is poised for growth, digital transformation, and stricter oversight.
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