President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other financial regulators to intensify monitoring of cryptocurrency transactions and digital payment activities across the country.
Delivering the president’s message at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Finance Minister Wale Edun warned that the rapid rise of stablecoins and other digital currencies outside traditional banks poses regulatory and financial stability challenges.
“There is a digital revolution. Many people now make payments without using the banking system. To this end, I have directed capital market and banking authorities to track this trend while it is still evolving,” Tinubu stated.
The president emphasized that digital tools, artificial intelligence (AI), and open banking are no longer futuristic concepts but vital drivers of Nigeria’s economic growth.
CBN Governor Olayemi Cardoso disclosed that diaspora remittances currently stand at $600 million monthly and are projected to reach $1 billion by 2026. Also speaking, CIBN President Prof. Pius Olanrewaju revealed that since 2024, 16 banks have raised over ₦2.5 trillion in fresh capital, while private-sector credit has climbed above ₦82 trillion, fueling job creation and business expansion.
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The renewed regulatory focus comes amid Nigeria’s ongoing legal battle with Binance Holdings Ltd. The federal government is seeking more than $79.5 billion and ₦231 million in damages, in addition to $2.001 billion in alleged unpaid taxes for 2022 and 2023. Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, face multiple charges, including tax evasion, money laundering, and foreign exchange violations.
The cases, before the Federal High Court in Abuja, also include demands for penalties on tax defaults, interest charges tied to CBN’s lending rate, and other sanctions. Authorities allege that Binance concealed the scale of its Nigerian operations despite its significant presence in the market.