President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) and other financial regulators to intensify monitoring of cryptocurrency and digital payment activities nationwide.
The directive, issued on Wednesday, mandates the apex bank to track cryptocurrency transactions more closely in order to promote transparency, enhance security, and ensure compliance with Nigeria’s financial regulations.
According to the Presidency, the move is aimed at curbing illicit financial flows, protecting investors, and strengthening oversight of the rapidly expanding digital asset sector.
The development comes amid growing concerns over the use of cryptocurrencies for money laundering, terrorism financing, and other fraudulent activities. At the same time, millions of Nigerians continue to embrace digital currencies for legitimate trade and investment.
Nigeria remains one of the world’s largest cryptocurrency markets, with blockchain and fintech startups playing a significant role in the economy. However, regulators have consistently cautioned against the risks associated with unregulated transactions.
Tinubu’s directive underscores the government’s commitment to balancing financial innovation with accountability and national security in the digital economy.
Further details on the CBN’s implementation strategy and allied regulatory measures are expected in the coming days.