By Muhammad Mamman
President Bola Tinubu has tasked the Central Bank of Nigeria (CBN) and other financial regulators with stepping up surveillance of digital currencies, warning that rapid adoption outside the formal banking system demands urgent oversight.
Speaking through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the President said the shift towards digital payments and stablecoins is reshaping the financial landscape.
“We are in the middle of a digital revolution. Many Nigerians now make payments outside the traditional banking framework, relying on stablecoins and other digital currencies. I have therefore directed capital market and banking authorities to take charge of this evolving trend and track it closely,” Tinubu declared.
He added that the future of Nigeria’s economy lies in harnessing innovation, including artificial intelligence and open banking, to boost productivity and industrial growth.
“Yes, our GDP is rising, but the industrial share from manufacturing remains too low to generate the jobs we need. Digital adoption, AI, and open banking are tools to close this gap,” he said.
On his part, CBN Governor Olayemi Cardoso revealed that diaspora remittances are on a sharp upward trajectory, with inflows projected to reach $1 billion a month by 2026.
“When we began this journey, remittances stood at $250 million monthly. We set a target of $500 million, and we are currently at $600 million. By next year, we expect inflows to hit $1 billion per month,” Cardoso disclosed.
CIBN President and Chairman of Council, Professor Pius Deji Olanrewaju, also spotlighted the sector’s resilience, noting that since 2024, 16 listed banks have raised over ₦2.5 trillion in fresh capital. He added that net domestic credit to the private sector has surged to more than ₦82 trillion this year, fuelling business growth and job creation.
