Tinubu Orders Tighter Oversight of Crypto Transctons and Digital Payments
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to intensify monitoring of cryptocurrency and digital payment activities.
Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu noted that the rapid adoption of stablecoins and digital currencies outside traditional banks poses challenges.
“There is a digital revolution. Many people now make payments without using the banking system. To this end, I have directed capital market and banking authorities to track this trend while it is still evolving,” he said.
He stressed that digital tools, AI, and open banking are no longer futuristic but essential for Nigeria’s economic growth.
CBN Governor Olayemi Cardoso also revealed that diaspora remittances, now at $600m monthly, could reach $1billion by 2026. CIBN President Prof. Pius Olanrewaju disclosed that since 2024, 16 banks have raised over N2.5 trillion in fresh capital, while private sector credit has surged above N82 trillion, boosting jobs and businesses.
The renewed focus comes amid Nigeria’s ongoing legal battles with Binance Holdings Ltd. The government is demanding over $79.5 billion and ₦231m in damages, along with $2.001 billion in alleged unpaid taxes for 2022 and 2023. The crypto firm and its executives, Tigran Gambaryan and Nadeem Anjarwalla, face multiple charges including tax evasion, money laundering, and foreign exchange violations.
The cases, currently before the Federal High Court in Abuja, also seek penalties for tax defaults, interest charges tied to CBN’s lending rate, and other sanctions. Authorities allege Binance concealed operations despite its significant presence in Nigeria.
#Instablog9jaNews #TrendingStory #Awareness
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to intensify monitoring of cryptocurrency and digital payment activities.
Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu noted that the rapid adoption of stablecoins and digital currencies outside traditional banks poses challenges.
“There is a digital revolution. Many people now make payments without using the banking system. To this end, I have directed capital market and banking authorities to track this trend while it is still evolving,” he said.
He stressed that digital tools, AI, and open banking are no longer futuristic but essential for Nigeria’s economic growth.
CBN Governor Olayemi Cardoso also revealed that diaspora remittances, now at $600m monthly, could reach $1billion by 2026. CIBN President Prof. Pius Olanrewaju disclosed that since 2024, 16 banks have raised over N2.5 trillion in fresh capital, while private sector credit has surged above N82 trillion, boosting jobs and businesses.
The renewed focus comes amid Nigeria’s ongoing legal battles with Binance Holdings Ltd. The government is demanding over $79.5 billion and ₦231m in damages, along with $2.001 billion in alleged unpaid taxes for 2022 and 2023. The crypto firm and its executives, Tigran Gambaryan and Nadeem Anjarwalla, face multiple charges including tax evasion, money laundering, and foreign exchange violations.
The cases, currently before the Federal High Court in Abuja, also seek penalties for tax defaults, interest charges tied to CBN’s lending rate, and other sanctions. Authorities allege Binance concealed operations despite its significant presence in Nigeria.
#Instablog9jaNews #TrendingStory #Awareness
Tinubu Orders Tighter Oversight of Crypto Transctons and Digital Payments
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulators to intensify monitoring of cryptocurrency and digital payment activities.
Speaking through Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tinubu noted that the rapid adoption of stablecoins and digital currencies outside traditional banks poses challenges.
“There is a digital revolution. Many people now make payments without using the banking system. To this end, I have directed capital market and banking authorities to track this trend while it is still evolving,” he said.
He stressed that digital tools, AI, and open banking are no longer futuristic but essential for Nigeria’s economic growth.
CBN Governor Olayemi Cardoso also revealed that diaspora remittances, now at $600m monthly, could reach $1billion by 2026. CIBN President Prof. Pius Olanrewaju disclosed that since 2024, 16 banks have raised over N2.5 trillion in fresh capital, while private sector credit has surged above N82 trillion, boosting jobs and businesses.
The renewed focus comes amid Nigeria’s ongoing legal battles with Binance Holdings Ltd. The government is demanding over $79.5 billion and ₦231m in damages, along with $2.001 billion in alleged unpaid taxes for 2022 and 2023. The crypto firm and its executives, Tigran Gambaryan and Nadeem Anjarwalla, face multiple charges including tax evasion, money laundering, and foreign exchange violations.
The cases, currently before the Federal High Court in Abuja, also seek penalties for tax defaults, interest charges tied to CBN’s lending rate, and other sanctions. Authorities allege Binance concealed operations despite its significant presence in Nigeria.
#Instablog9jaNews #TrendingStory #Awareness
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