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President Bola Tinubu has directed Nigeria’s financial and capital market authorities to monitor the growing use of stablecoins and digital currencies.
Speaking at the 18th Annual Banking and Finance Conference in Abuja, the president, represented by Finance Minister Wale Edun, cautioned that the shift away from traditional banking presents new challenges that require proactive management, Eko Hot Blog reports.
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Tinubu’s directive comes as the nation’s financial landscape undergoes a rapid digital transformation. The CBN Governor, Olayemi Cardoso, also announced an ambitious target of attracting $1 billion in monthly diaspora remittances by 2026.
Cardoso stated that this would channel crucial foreign exchange into the economy, citing the bank’s successful collaboration with commercial banks to increase monthly remittances to over $600 million.
President Tinubu also highlighted his administration’s commitment to leveraging digital tools, AI, and open banking to boost the economy and create jobs. He affirmed that new tax reforms, which streamline tax collection and link government accounts with the Central Bank of Nigeria, will enhance revenue mobilization.
The CIBN President, Pius Olanrewaju, highlighted significant economic progress, including a surge in bank capital, a rise in domestic credit, and a 19.6 percent increase in non-oil exports.
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