President Bola Tinubu has ordered Nigerian financial regulators to intensify oversight of stablecoins and digital currencies as the country formalises its blockchain and cryptocurrency regulatory framework.
ABUJA – President Bola Tinubu has directed financial and capital market regulators to closely monitor the increasing use of stablecoins and digital currencies in Nigeria, warning that the shift away from traditional banking systems poses emerging risks that must be contained.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, Tinubu, represented by Finance Minister Wale Edun, acknowledged that the global financial landscape is undergoing rapid transformation.
“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,” he said. “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.”
Nigeria, ranked second globally and first in Africa in cryptocurrency adoption, is already drafting a comprehensive legal framework for exchanges through the Senate and the Stakeholders in Blockchain Association of Nigeria (SIBAN).
The new Investment and Securities Act 2025 empowers the Securities and Exchange Commission (SEC) to license and supervise Virtual Asset Service Providers while enforcing strict Know Your Customer and Anti-Money Laundering standards.
The President emphasized the importance of digital tools, artificial intelligence, and open banking in driving industrialisation, efficiency, and job creation.