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According to several Nigerian news reports, President Bola Tinubu has instructed the Central Bank of Nigeria (CBN) and other financial regulators to intensify oversight of cryptocurrencies, stablecoins, digital payment platforms, and transactions occurring outside traditional banking channels.
Here are some key points from the directive:
🔍 What was said
- The order was given at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
- Tinubu is concerned about the increasing use of stablecoins and digital currencies and transactions outside formal banking systems.
- He told the relevant banking, capital markets, and financial authorities to closely monitor developments in digital finance before they become harder to regulate.
- He also emphasized that tools like open banking, digital technologies, and AI are no longer just “future” things, but are playing real roles now in driving Nigeria’s economic transformation.
⚠️ Implications & possible outcomes
Stronger regulatory scrutiny on crypto exchanges, especially those dealing with stablecoins or facilitating cross-border transactions.
Increased compliance requirements for digital payment providers and fintechs.
Potential for new laws or updated regulations to cover currently under-regulated digital finance areas.
Enhanced enforcement against unlicensed or illicit crypto/digital activities.
If you like, I can pull up the actual wording of the directive or any draft regulations being prepared, so we can see exactly what changes are expected. Do you want me to get that?
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