President Bola Tinubu has directed the Central Bank of Nigeria and other regulatory agencies to strengthen their oversight of digital currencies in the country. He delivered this order at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, where he was represented by Finance Minister and Coordinating Minister of the Economy Wale Edun. Tinubu emphasized the need for closer regulatory attention because digital payments are being adopted rapidly outside the traditional banking system. He noted that many individuals now use stablecoins and other digital currencies for transactions, bypassing conventional banks, and instructed capital‑market and banking authorities to monitor and track the development of these assets closely.
The President also highlighted the importance of embracing digital tools, artificial intelligence, and open banking as drivers of economic growth. CBN Governor Olayemi Cardoso projected that diaspora remittances could reach $1 billion per month by next year, citing significant progress since the initiative began. Remittances have risen from $250 million to $600 million per month, surpassing the earlier target of $500 million, and Cardoso expressed optimism about achieving the new $1 billion benchmark.
Prof. Pius Olanrewaju, President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria, addressed the conference as well. He reported that since 2024, 16 listed banks have raised over N2.5 trillion in fresh capital to strengthen their balance sheets. In addition, net domestic credit to the private sector has risen to over N82 trillion this year, supporting businesses and job creation.
The heightened focus on digital currencies and the growth of diaspora remittances underscore the Nigerian government’s effort to adapt to an evolving financial landscape and promote economic development. By enhancing regulatory oversight and embracing digital technologies, the country aims to foster a more inclusive and resilient financial system. As the sector continues to evolve, these government initiatives are expected to play a crucial role in shaping the future of Nigeria’s economy.
Comments are closed for this story.