President Bola Tinubu has instructed Nigeria’s financial and capital market regulators to closely monitor the increasing use of stablecoins and digital currencies in the country.
Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference (CIBN) in Abuja, Tinubu warned that the shift away from traditional banking poses new challenges that must be proactively addressed.
“There is a digital revolution. So many people now are not using the banking system… They’ve turned to stablecoin, they’ve turned to digital currency,” he said.
He urged regulators to “get hold of this narrative and track it whilst it is still evolving,” as part of broader economic reinvention plans anchored on digital tools, AI, and open banking.
