By Ademuyiwa Balikis
President Bola Ahmed Tinubu has instructed the Central Bank of Nigeria (CBN) and other financial regulators to begin monitoring cryptocurrency transactions across the country.
The directive was delivered through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja.
According to the message, the President expressed concern about the rising use of stablecoins and other cryptocurrencies by Nigerians outside the traditional banking system. He said this development was shaping into a new financial reality that regulators must not ignore.
Tinubu tasked the CBN, the Securities and Exchange Commission (SEC), and related authorities to tighten oversight of digital currencies and ensure the sector does not operate unchecked. He stressed that it was important to get hold of the narrative and track the trend while it is still evolving.
The move signals a shift in the government’s posture towards cryptocurrencies, which had previously faced restrictions in the banking sector. While details on the specific measures to be adopted are still emerging, the instruction indicates stronger surveillance and regulation of digital asset transactions in Nigeria.
Financial experts note that Nigeria is one of the largest markets for cryptocurrency use in Africa, with millions of citizens engaging in peer to peer trading and stablecoin transfers. The President’s order suggests the government is preparing to bring this activity more directly under regulatory watch.
