The Central Bank of Nigeria isn't cracking down on fintech for the sake of it. This week's blitz of regulatory moves — data localisation mandates, market share caps, ownership disclosure rules, and a surprise embrace of stablecoins — all point to one thesis: the CBN is racing to establish regulatory sovereignty before digital finance rewires Nigeria's payments system beyond its reach.

Evidence For

• Data goes local. By January 1, 2027, every bank, fintech, mobile...