President Tinubu Directs Regulators to Monitor Rise of Digital Currencies

Strategic Insights -

President Bola Ahmed Tinubu has alerted Nigeria's financial regulators to be vigilant about the increasing adoption of stablecoins and digital currencies, warning that it poses significant challenges that must be proactively managed. The President, through the Minister of Finance, Wale Edun, emphasized that the global financial system is undergoing a rapid transformation, with digital payments becoming the norm. Tinubu underscored the need for Nigeria's economy to transition from resilience to reinvention, leveraging digital tools, artificial intelligence, and open banking to drive industrialization, efficiency, and job creation.

Key Takeaways:

  • President Tinubu has directed regulators to closely monitor the rising use of stablecoins and digital currencies.
  • The President emphasized that the global financial system is undergoing a rapid transformation, with digital payments becoming the norm.
  • Tinubu highlighted the importance of transitioning Nigeria's economy from resilience to reinvention, leveraging digital tools, artificial intelligence, and open banking to drive industrialization, efficiency, and job creation.
  • The President pointed to recently enacted tax reform laws aimed at creating a fairer, more transparent, and efficient system.
  • President Tinubu stressed the need for financial inclusion to translate into job creation for young Nigerians.
  • Governor Yemi Cardoso of the Central Bank of Nigeria disclosed that Nigeria is on track to achieve $1 billion per month in diaspora remittances by 2026.
  • The banking sector has achieved notable progress in the past year, with 16 listed banks raising over N2.5 trillion in fresh capital and net domestic credit to the private sector rising to over N82 trillion.
  • Nigeria's non-oil exports have grown significantly, with the country's export basket expanding to 236 products in the first half of 2025, generating $3.23 billion in revenue.

Statistics:

  • Nigeria aims to achieve $1 billion per month in diaspora remittances by 2026, according to Central Bank Governor Yemi Cardoso.
  • The banking sector has raised over N2.5 trillion in fresh capital since 2024.
  • Net domestic credit to the private sector has risen to over N82 trillion, supporting businesses and job creation.
  • Nigeria's non-oil exports generated $3.23 billion in revenue in the first half of 2025, a 19.6% year-on-year increase.
  • The country's export basket expanded to 236 products in the first half of 2025, up from 202 in the same period last year.

Sources:

  • President Bola Ahmed Tinubu, speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
  • Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
  • Governor Yemi Cardoso of the Central Bank of Nigeria.
  • Prof. Pius Deji Olanrewaju, President and Chairman of Council of CIBN.