Track all cryptocurrency trading happening in Nigeria Tinubu charges CBN governor to mount surveillance in crypto industry starting from today.

In a significant move that could redefine the landscape of digital finance in Nigeria, President Bola Ahmed Tinubu has reportedly instructed the Central Bank of Nigeria (CBN) to start monitoring and tracking all cryptocurrency transactions throughout the nation.

Track all cryptocurrency trading

This directive signals a major change in how the Nigerian government intends to manage the rising impact of digital currencies like Bitcoin, Ethereum, and stablecoins, which are increasingly being utilized for trade, savings, and cross-border payments by millions of Nigerians.

Why Tinubu is Pushing for Crypto Tracking

According to sources within the government, this initiative is part of a larger strategy to tackle concerns regarding:

Fraud and scams – Nigeria has witnessed a surge in crypto-related Ponzi schemes.

Track all cryptocurrency trading

Money laundering and terrorism financing – Authorities are worried that criminals might exploit cryptocurrencies.

Capital flight – As the naira struggles, many Nigerians are turning to digital assets as a safe haven, raising alarms about dwindling foreign exchange reserves.

While these issues aren’t exclusive to Nigeria, the country’s heavy dependence on cryptocurrency has made the situation particularly pressing. Reports indicate that Nigeria consistently ranks among the top three nations globally for Bitcoin adoption and peer-to-peer trading volume.

What This Means for Nigerians

The CBN’s directive to track transactions could lead to stricter oversight of platforms like Binance, KuCoin, Coinbase, and peer-to-peer (P2P) networks that many Nigerians use for crypto dealings.

Financial experts suggest this could result in:

More stringent Know Your Customer (KYC) requirements.

Potential taxes or fees on crypto transactions.

Less anonymity for Nigerians who depend on digital currencies for privacy.

On the bright side, if implemented transparently and in accordance with global best practices, this could also lend more legitimacy to the use of cryptocurrencies.  Track all cryptocurrency trading

There’s a growing debate around this policy, with many suggesting it’s not just about security but also about control. Some folks worry it might restrict financial freedom for Nigerians, particularly the youth who have turned to crypto as a reliable alternative to shaky banking systems and savings that are losing value due to inflation.

Digital rights advocates are also sounding the alarm, pointing out that monitoring transactions could violate citizens’ privacy rights, especially if it leads to unwarranted surveillance of personal financial information.  Track all cryptocurrency trading

Nigeria isn’t the only country taking this route. Nations like India, the U.S., and China are also tightening their grip on crypto regulations. However, while some countries are crafting clear regulatory frameworks, others are opting for outright bans.

The big question is: Will Tinubu’s government find a way to balance regulation with innovation?

Final Thoughts

For millions of Nigerians—especially young people, freelancers, and small business owners—cryptocurrency has become a crucial lifeline amid tough economic conditions. While Tinubu’s directive to the CBN may aim to tackle real financial risks, the way it’s rolled out will be key in deciding whether it supports or stifles Nigeria’s vibrant crypto scene.  Track all cryptocurrency trading

As this policy develops, Nigerians are keeping a close eye: Is this the start of a structured regulatory environment that will boost the economy, or just another blow to financial freedom?

Stay tuned to NewsFlashNGR for the latest updates. If It’s Loud, It’s NewsFlash!

Meanwhile: Nigeria 2025 debt crisis on the high as speaker House of Representatives, Abbas Tajudeen ring the alarm bell, issue warning to Tinubu government, vow never to approve loans again for this government.    Track all cryptocurrency trading

Nigeria’s Speaker of the House of Representatives, Abbas Tajudeen, has sounded the alarm about the country’s troubling debt situation. He urged Nigerians to stand against any further reckless borrowing from the Tinubu-led government, warning that the continuous accumulation of loans could jeopardize the nation’s future. Continue reading here