President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to step up monitoring of digital currencies and payments in the country.
The president gave the order yesterday 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.
Tinubu said the rise of payments made outside the traditional banking system—through stablecoins, digital currencies, and other fintech tools—requires closer regulatory attention.
“There is a digital revolution. 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 get hold of this narrative and track it while it is still evolving,” he said.
The president also called for Nigeria to embrace digital tools, artificial intelligence (AI), and open banking, stressing that technology can help grow the economy and create jobs.
“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,” Tinubu added.
CBN Governor on Diaspora Remittances
At the event, CBN Governor Olayemi Cardoso said money sent home by Nigerians abroad is rising fast.
“When we began this journey, remittances were at $250 million a month. We targeted $500 million, and today we are at $600 million. By next year, our projection is $1 billion a month,” Cardoso stated.
Banking Sector Growth
Also speaking, the President of CIBN, Prof. Pius Deji Olanrewaju, said Nigerian banks have strengthened their positions this year.
According to him, 16 listed banks have raised over ₦2.5 trillion in fresh capital since 2024, while net domestic credit to the private sector has grown to more than ₦82 trillion, helping businesses and job creation.
