Tinubu Directs CBN to Monitor All Cryptocurrency Transactions in Nigeria

Tinubu Directs CBN to Monitor All Cryptocurrency Transactions in Nigeria

President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other financial regulators to closely monitor all cryptocurrency and digital payment transactions in the country.

Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, Tinubu noted that many Nigerians now prefer making payments with stablecoins and other digital currencies outside the traditional banking system.

He tasked the CBN and the Securities and Exchange Commission (SEC) to take proactive steps to track these transactions and ensure they are properly regulated.

The directive comes after the passage of the Investments and Securities Act 2025, which classified cryptocurrencies and other digital assets as securities under SEC supervision.

According to the president, the move is aimed at balancing the opportunities of digital innovation with the need for accountability, financial stability, and compliance with anti-money laundering standards.