President Bola Tinubu has directed financial and capital market authorities to monitor the increasing use of stablecoins and digital currencies in Nigeria, cautioning that the shift away from traditional banking systems presents emerging challenges that must be proactively managed.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja on Tuesday, Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, acknowledged the global financial system’s 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,” the President 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.”
The PUNCH observed that Nigeria’s Securities and Exchange Commission has intensified its regulatory oversight of digital currencies following the enactment of the Investment and Securities Act 2025, which formally classifies digital assets as securities.
