President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulatory bodies to strengthen monitoring of digital currencies in the country.

He gave the directive on Tuesday at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Tinubu noted that the growing adoption of digital payments outside the conventional banking system requires urgent regulatory attention.

“There is a digital revolution. Many people now make payments without using the banking system. They’ve turned to stablecoins and digital currencies.

“To this end, I have directed capital market and banking authorities to get hold of this narrative and track it while it is still evolving,” he stated.

He added that digital tools, artificial intelligence, and open banking are realities that must be embraced to drive economic growth.

CBN Governor Olayemi Cardoso also addressed the conference, projecting that diaspora remittances could reach $1 billion monthly by next year.

“When we began this journey, remittances were at $250 million a month. We targeted $500 million, and today we are at $600 million. By next year, our projection is $1 billion a month,” Cardoso explained.

In his remarks, the President and Chairman of the Council of CIBN, Prof. Pius Olanrewaju, said Nigerian banks have significantly boosted their capital base.

“Since 2024, 16 listed banks have raised more than ₦2.5 trillion in fresh capital to strengthen their balance sheets.

“Net domestic credit to the private sector has risen to over ₦82 trillion this year, supporting businesses and job creation,” Olanrewaju said.