President Bola Tinubu has instructed the Central Bank of Nigeria (CBN) and other financial regulators to strengthen oversight of cryptocurrency and digital payment platforms, citing concerns over their growing use outside the formal banking system.
Delivering the message on his behalf at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Minister of Finance Wale Edun said the President emphasized the need for proactive monitoring of evolving digital finance trends, including stablecoins and digital currencies.
“There is a digital revolution underway. Many transactions are now taking place outside the traditional banking channels,” Tinubu stated. “I have, therefore, directed the relevant capital market and banking authorities to closely monitor these developments before they become more difficult to regulate.”
He further highlighted that digital technologies, artificial intelligence (AI), and open banking are no longer future concepts but critical drivers of Nigeria’s economic transformation.
CBN Governor Olayemi Cardoso, also speaking at the event, noted that diaspora remittances currently stand at $600 million per month and are projected to rise to $1 billion monthly by 2026. Meanwhile, CIBN President Prof. Pius Olanrewaju disclosed that since 2024, Nigerian banks have collectively raised over ₦2.5 trillion in new capital, while private sector credit has surpassed ₦82 trillion, contributing to job creation and business expansion.
This renewed regulatory focus comes as Nigeria intensifies legal action against global cryptocurrency exchange Binance Holdings Ltd. The federal government is demanding over $79.5 billion in penalties and ₦231 million in damages, in addition to $2.001 billion in allegedly unpaid taxes for 2022 and 2023.
Binance and its executives—Tigran Gambaryan and Nadeem Anjarwalla—are facing multiple charges, including tax evasion, money laundering, and violations of foreign exchange regulations. The cases, currently before the Federal High Court in Abuja, also involve claims for interest tied to CBN’s lending rates and other financial penalties. Authorities accuse Binance of concealing its operations despite maintaining a significant footprint in Nigeria’s crypto market.
