Tinubu Orders Tight Oversight of Digital Currencies as Nigeria Leads Africa in Crypto Adoption
President Bola Tinubu has instructed Nigeria’s financial and capital market regulators to step up oversight of stablecoins and other digital currencies amid the country’s surging crypto adoption. Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja, Tinubu — represented by Finance Minister Wale Edun — said the shift away from traditional banks to digital assets must be “tracked whilst it is still evolving” to safeguard the financial system.
The president’s directive follows a recent announcement by the Senate Committee on Capital Market that it is partnering with the Stakeholders in Blockchain Association of Nigeria (SIBAN) to design a comprehensive legal framework for cryptocurrency exchanges. Nigeria’s global position as the world’s second-largest adopter of cryptocurrency, and the largest in Africa, underscores the urgency of building clear rules for blockchain and digital asset operations.
Under the new Investment and Securities Act 2025, the Securities and Exchange Commission (SEC) has already begun licensing and supervising Virtual Asset Service Providers, including crypto exchanges and custodians. The legislation also strengthens Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance standards, signaling a more formalized approach to regulating the digital currency sector.
Tinubu emphasized that Nigeria must move from “resilience to reinvention” by leveraging technology to drive growth. He highlighted the importance of digital tools, artificial intelligence, and open banking in boosting industrialization, improving efficiency, and creating jobs for young Nigerians in an increasingly digital economy.
Analysts say the president’s move signals a major step toward aligning Nigeria’s financial regulations with global best practices while balancing innovation and consumer protection. With millions of Nigerians already using stablecoins and other digital currencies for payments, the country’s proactive stance could position it as a leader in regulated crypto adoption across Africa.
source: the guardian