President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other financial regulators to ramp up the oversight of digital currencies, including stablecoins, amid concerns over their rapid adoption outside traditional banking channels. The move signals a proactive stance to balance innovation with financial stability in Nigeria’s evolving digital economy.
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 Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the need for vigilant monitoring. “There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoin. They’ve turned to digital currency,” Tinubu stated, highlighting the shift as a challenge that regulators must address proactively.
The directive comes as Nigeria grapples with the explosive growth of fintech and cryptocurrency usage.
With over 30 million Nigerians engaging in digital payments and crypto transactions, the sector has boosted financial inclusion but also raised red flags on risks like money laundering, volatility, and bypassing regulated systems. Tinubu’s order urges the CBN, Securities and Exchange Commission (SEC), and other agencies to track these developments closely while fostering innovation in areas like AI, open banking, and digital assets.
Experts view the president’s instructions as a timely intervention. Dr. Aisha Bello, a fintech analyst at the Lagos Business School, noted that Nigeria’s crypto market, valued at over $400 million in daily trades, demands robust frameworks to prevent illicit activities without stifling growth. “This isn’t about banning digital currencies; it’s about ensuring they contribute to our $1 trillion economy goal by 2030,” she said. The administration’s recent tax reforms, including the consolidation of over 100 agencies into a single Nigeria Revenue Service effective January 2026, further underscore efforts to streamline oversight and enhance economic efficiency.
Tinubu also tied the regulatory push to broader economic priorities, stressing that financial inclusion must lead to job creation, particularly for youth. He called for accessible loans and services to support households and businesses, warning that unchecked digital shifts could undermine monetary policy and financial security. The CBN has yet to issue a formal response, but sources indicate immediate steps toward enhanced surveillance and potential guidelines for stablecoin issuers
This development aligns with global trends, where regulators in the U.S., EU, and even China are grappling with digital assets’ implications. For Nigeria, Africa’s largest economy, the order could pave the way for safer integration of blockchain technologies, potentially positioning the country as a fintech hub while mitigating risks in an increasingly cashless society.