President Bola Tinubu has directed financial and capital market regulators to monitor the growing use of stablecoins and digital currencies in Nigeria, warning that the shift away from traditional banking presents risks 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 Finance Minister Wale Edun, said the digital revolution was reshaping global finance. “So many people now are not using the banking system to make payments. They’ve turned to stablecoin. They’ve turned to digital currency,” he noted.
The President said he had instructed regulators to track developments in the sector, while highlighting Nigeria’s new Investment and Securities Act 2025, which formally classifies digital assets as securities and empowers the Securities and Exchange Commission to license and supervise Virtual Asset Service Providers.
Tinubu added that Nigeria’s economy must shift from resilience to reinvention, using digital tools, artificial intelligence, and open banking to boost efficiency, industrial output, and job creation. He reiterated his administration’s focus on youth empowerment, education, and infrastructure, noting Nigeria’s growing workforce advantage ahead of 2050.
On fiscal policy, he said tax reforms and linking government accounts with the Central Bank of Nigeria would improve transparency and revenue mobilisation. He also stressed that financial inclusion must translate into quality jobs for young Nigerians.
Meanwhile, Central Bank Governor Olayemi Cardoso announced plans to raise monthly diaspora remittances to $1bn by 2026, up from $600m currently. He said partnerships with commercial banks had boosted inflows, which remain a vital source of foreign exchange.
CIBN President Prof. Pius Olanrewaju, in his remarks, noted that listed banks had raised over N2.5tn since 2024, domestic credit to the private sector had surpassed N82tn, and non-oil exports grew nearly 20 percent year-on-year to $3.23bn in the first half of 2025.
The conference brought together stakeholders from banking, finance, and technology to chart a path for digital innovation, private investment, and inclusive economic transformation.
