Tinubu orders regulators to tighten oversight on stablecoins and digital currencies

President Bola Ahmed Tinubu has directed Nigeria’s financial and capital market regulators to intensify their oversight of stablecoins and other digital currencies.

He cautioned that the rapid global shift from traditional banking systems to emerging financial technologies presents potential risks that must be addressed proactively.

The directive was conveyed on Tuesday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

“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.

“To this end, I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving,” Tinubu said.

Nigeria’s Securities and Exchange Commission (SEC) has already tightened oversight following the enactment of the Investment and Securities Act 2025, which formally classifies digital assets as securities. The law empowers the SEC to license and regulate Virtual Asset Service Providers—including exchanges and custodians—under strict Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.

Tinubu also emphasised the need for Nigeria to move beyond economic resilience toward reinvention, highlighting the importance of digital tools, artificial intelligence, and open banking in boosting industrialisation, efficiency, and job creation.

“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there for the adoption of digital, AI, and open banking to enhance efficiency,” he noted.

The President reiterated his administration’s focus on harnessing Nigeria’s young population, projected to become the world’s largest workforce by 2050.

“Our young population is an asset. By 2050, Nigeria will provide the largest workforce in the world. That is why we are making investments in education, infrastructure, and digital skills to prepare our youth for the opportunities of tomorrow,” he affirmed.

On fiscal policy, Tinubu pointed to the government’s recent tax reforms and new measures linking state accounts with the Central Bank of Nigeria to boost transparency and revenue.

“That linkage with the Central Bank, the revenue optimisation team, now gives us full visibility on government finances, and that will yield dividends. It will lead to increased government revenues,” he explained.

He further stressed that financial inclusion must translate into real job opportunities for young Nigerians.

“Households need reliable access to affordable financial services and reputable loans. Inclusion really means jobs, quality jobs, attractive jobs, particularly for our young men and women,” Tinubu said.

Wrapping up, the President pledged his government’s determination to stabilise the economy, reduce poverty, and attract private sector investment.

“Those that innovate, that reform, that collaborate, will thrive. This is the path that Nigeria is firmly committed to,” he declared.

Meanwhile, Central Bank of Nigeria Governor Olayemi Cardoso revealed the apex bank’s plan to attract $1bn in monthly diaspora remittances by 2026.

“The Nigerian diaspora is one of the most vibrant in the world. If we are able to harness even a fraction of their earnings and direct them into our economy, the impact will be transformative. That is why we are targeting at least $1bn every month in remittances by 2026,” Cardoso said.

According to him, partnerships with commercial lenders such as Access Bank and Zenith Bank on international outreach programmes have already helped grow inflows.

“When we started that journey, we were at $250m a month. We said we would double that to $500m. Now we are at $600m,” he noted.

CIBN President and Council Chairman, Prof. Pius Olanrewaju, also underscored the importance of the annual conference in shaping Nigeria’s economic future, citing major achievements such as N2.5tn raised by listed banks since 2024 and a surge in non-oil exports that brought in $3.23bn in the first half of 2025.

He commended Tinubu’s approval of four tax reform bills consolidating over 100 tax agencies into a single Nigeria Revenue Service, set to take effect in January 2026.

The conference drew participants from the banking, finance, and technology sectors, focusing on how digital innovation, policy reforms, and private sector investment can drive inclusive growth and economic transformation.