Tinubu to CBN: Closely monitor digital currencies

…Remittances to Hit $1bn Monthly – Cardoso

By Emma Ujah, Abuja Bureau Chief

President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and different regulatory agencies to intensify oversight of integer currencies successful the country.

The president gave the directive yesterday astatine the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) successful Abuja. He was represented by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

According to him, the accelerated adoption of integer payments extracurricular the accepted banking strategy calls for person regulatory attention:

“There is simply a integer revolution. Many radical present marque payments without utilizing the banking system. They’ve turned to stablecoins and integer currencies. To this end, I person directed superior marketplace and banking authorities to get clasp of this communicative and way it portion it is inactive evolving.”

Tinubu added that integer tools, artificial intelligence, and unfastened banking are realities that indispensable beryllium embraced to turn the economy:

“Yes, our GDP is growing, but the concern publication from manufacturing is not wherever it should beryllium to make the jobs we need. The innovation is there—digital adoption, AI, and unfastened banking—to heighten ratio and productivity.”

Speaking astatine the event, CBN Governor Olayemi Cardoso projected that diaspora remittances could deed $1 cardinal monthly by adjacent year.

“When we began this journey, remittances were astatine $250 cardinal a month. We targeted $500 million, and contiguous we are astatine $600 million. By adjacent year, our projection is $1 cardinal a month,” Cardoso said.

Also addressing the conference, President and Chairman of Council of CIBN, Prof. Pius Deji Olanrewaju, highlighted caller efforts to fortify the fiscal sector:

“Since 2024, 16 listed banks person raised much than ₦2.5 trillion successful caller superior to fortify their equilibrium sheets. Net home recognition to the backstage assemblage has risen to implicit ₦82 trillion this year, supporting businesses and occupation creation.”

The station Tinubu to CBN: Closely show integer currencies appeared archetypal connected Vanguard News.