Tinubu to CBN: Closely monitor digital currencies

…Remittances to Hit $1bn Monthly – Cardoso

By Emma Ujah, Abuja Bureau Chief

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

The president gave the directive yesterday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. He was represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

According to him, 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.”

Tinubu added that digital tools, artificial intelligence, and open banking are realities that must be embraced to grow the economy:

“Yes, our GDP is growing, but the industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there—digital adoption, AI, and open banking—to enhance efficiency and productivity.”

Speaking at the event, 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 addressing the conference, President and Chairman of Council of CIBN, Prof. Pius Deji Olanrewaju, highlighted recent efforts to strengthen the financial sector:

“Since 2024, 16 listed banks have raised more than ₦2.5 trillion in fresh capital to strengthen their balance sheets. Net domestic credit to the private sector has risen to over ₦82 trillion this year, supporting businesses and job creation.”

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