Nigeria to Closely Monitor Stablecoins, Digital Currencies

President Bola Tinubu has directed financial and capital market authorities to closely monitor the growing use of stablecoins and digital currencies in Nigeria.

This move aims to address emerging challenges posed by the shift away from traditional banking systems and ensure the country’s financial sector remains adaptable and secure.

The President emphasized the need for proactive management of this trend, citing the rapid transformation of the global financial system.

With the Securities and Exchange Commission already intensifying its regulatory oversight of digital currencies, the government is working to create a framework that balances innovation with stability.

Tinubu highlighted the critical role of digital tools, artificial intelligence, and open banking in driving industrialization, improving efficiency, and creating jobs.

He also reaffirmed his administration’s commitment to tapping into the potential of Nigeria’s youth, who are set to form the world’s largest workforce by 2050.

The government is investing in education, infrastructure, and digital skills to prepare for this demographic shift. Tinubu’s administration is focused on stabilizing the macroeconomic environment, creating jobs, reducing poverty, and mobilizing private sector investment.

The Central Bank of Nigeria has also set an ambitious target of attracting $1 billion per month in diaspora remittances by 2026, recognizing the importance of these inflows in boosting foreign exchange reserves.