Closely monitor digital currencies – Tinubu tells CBN

President Bola Tinubu has ordered the Central Bank of Nigeria, CBN, and other regulatory agencies to intensify oversight of digital currencies in the country.

Tinubu issued the order on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria, CIBN, in Abuja.

The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the rapid adoption of digital payments outside the traditional banking system calls for 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

According to him, digital tools, artificial intelligence, and open banking are realities that must be embraced to grow the economy.

On his part, CBN Governor Olayemi Cardoso projected that diaspora remittances could hit $1 billion monthly by next year.

“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 said.

Also speaking at the conference was President and Chairman of the Council of CIBN, Prof. Pius Olanrewaju.

“Since 2024, 16 listed banks have raised more than N2.5 trillion in fresh capital to strengthen their balance sheets.

“Net domestic credit to the private sector has risen to over N82 trillion this year, supporting businesses and job creation,” Olanrewaju said.

Closely monitor digital currencies – Tinubu tells CBN