EXCLUSIVE: Tinubu Urges SEC, CBN To Keep Tabs On Rise In Digital Currencies

President Bola Ahmed Tinubu has tasked key financial regulators, the Central Bank of Nigeria ( CBN) and the Securities and Exchange Commission (SEC), to track the growing use of stablecoins and digital currencies in Nigeria, warning that the shift away from traditional banking channels poses challenges that must be managed proactively. . .Read ..Full.. Article.. .

He gave this charge on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Represented by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, he noted that the global financial system 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,” 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 President stated that Nigeria’s economy needs to transition from resilience to reinvention, stressing that digital tools, artificial intelligence, and open banking are critical to driving industrialisation, efficiency, and job creation.

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

On the fiscal front, he pointed to the recently enacted tax reform laws, which are expected to usher in a fairer, more transparent, and efficient tax regime. He explained that reforms in technology deployment, including improved visibility of government accounts through linkage with the Central Bank since August 1, and..  Read . .More —