President Bola Tinubu has directed financial and capital market authorities to closely monitor the increasing use of stablecoins and digital currencies in Nigeria.
This move aims to proactively manage the emerging challenges posed by the shift away from traditional banking systems. Speaking at the 18th Annual Banking and Finance Conference in Abuja, Tinubu emphasized the need for regulatory frameworks to keep pace with the rapid transformation in the global financial system.
The President noted that many Nigerians are turning to stablecoins and digital currencies for payments, highlighting the importance of tracking this trend. The Securities and Exchange Commission has intensified its regulatory oversight of digital currencies, empowered by the Investment and Securities Act 2025, which classifies digital assets as securities.
Tinubu also stressed the critical role of digital tools, artificial intelligence, and open banking in driving industrialization, improving efficiency, and creating jobs. He emphasized the need for Nigeria’s economy to transition from resilience to reinvention, leveraging the potential of the nation’s youth.
The President reiterated his administration’s commitment to investing in education, infrastructure, and digital skills to prepare young Nigerians for future opportunities. He also highlighted the importance of financial inclusion, noting that it must go beyond access to financial services and contribute to job creation.
Tinubu’s administration has also enacted tax reforms aimed at establishing a more transparent and efficient tax regime, with the linkage of government accounts to the Central Bank of Nigeria expected to increase revenue mobilization.