President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to monitor all cryptocurrency transactions, a move announced by Finance Minister Wale Edun at the 18th Annual Banking and Finance Conference in Abuja.
This Nigerian cryptocurrency regulation aims to curb financial crimes like money laundering.
For a leading African nation in digital currency adoption, this Tinubu’s crypto directive signals a pivotal shift in the digital currency market.
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Nigeria’s Cryptocurrency Boom
Nigeria dominates Africa’s crypto landscape. A 2024 Statista report shows 33% of Nigerians use cryptocurrencies, making the country a hub for peer-to-peer Bitcoin trading. For young entrepreneurs, digital currencies offer a shield against 20% inflation and slow banking systems.
According to Aisha Okonkwo, a 24-year-old trader in Lagos’s Yaba tech district. “Crypto is my lifeline,” she says, her voice tense. “Tracking every transaction feels like losing my freedom.”
Why the Crackdown?
The Tinubu crypto directive breeds serious concerns. The Economic and Financial Crimes Commission (EFCC) reports cybercrime costs Nigeria billions annually, with cryptocurrencies’ anonymity enabling fraud and money laundering. This is not the CBN’s first attempt at regulation; its 2021 ban on crypto-related bank accounts, later eased, also sparked widespread protests.
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President Tinubu emphasised the risks of “unregulated financial flows”. He urged regulators to balance oversights with innovation in AI, open banking, and digital assets.
Voices from the Ground
The directive has divided Nigerians. In Abuja, Chinedu Eze, a 29-year-old software developer, supports it. “I lost ₦200,000 to a scam crypto platform,” he says at a tech meetup. “Regulation could protect us.”
Meanwhile, in Lagos, trader Emeka Nwosu is sceptical. “Crypto is borderless,” he says in a Yaba co-working space. “The CBN can’t catch everyone.” On X, #CryptoNigeria trends as users debate government overreach versus consumer protection.
What’s at Stake?
The impact of this directive could be far-reaching. Here is how it may affect Nigeria’s crypto ecosystem:
- Economic Stability: Tracking transactions could reduce financial crime, boosting investor confidence.
- Innovation Risk: Heavy regulation might push traders to underground platforms or drive talent abroad.
- Global Influence: Nigeria’s approach could shape crypto policies in Kenya, South Africa, and beyond.
Fintech analyst Ada Okoye warns, “Nigeria could lead global crypto innovation, but only with balanced regulation.”
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A Global Context
Nigeria’s move mirrors global trends. China bans crypto outright, while the EU’s MiCA framework tightens oversight. As Africa’s largest economy, Nigeria’s policies could set a regional precedent. However, excessive control risks stifling a market that empowers millions.
Looking Ahead
How will the CBN track decentralised transactions? Can Nigeria protect its economy without curbing financial freedom? These questions loom as traders like Aisha await clarity. Nigeria’s crypto future hangs in the balance, shaping its role in the global digital economy.
Angela Okafor is a lead reporter and journalist specializing in cryptocurrency and forex trading. Known for simplifying complex market trends into clear, engaging stories, she empowers readers to confidently navigate the fast-paced world of digital finance and global markets. She is dedicated to delivering actionable insights that inform, inspire, and drive smarter investing decisions.
Evans
September 12, 2025Nice publication. I just hope these track don’t limit our economic freedom