Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced on Friday that the apex bank is working closely with the Securities and Exchange Commission (SEC) to establish a viable regulatory framework for digital currencies in Nigeria.
Speaking during the CBN Governor’s annual lecture series at the Lagos Business School (LBS), Cardoso acknowledged that cryptocurrencies, along with broader fintech and blockchain innovations, are poised to influence future currency policy, though their ultimate impact remains to be determined.
The economist reflected on the period two years ago when Nigeria rapidly gained global attention as a major crypto trading centre, presenting significant regulatory challenges in managing coin exchange markets.
“Suddenly, over a period of time, coin exchange became very difficult to protect. Many people, not just youngsters, turned to crypto and a whole architecture started to evolve,” Cardoso said.
He noted that regulators initially “left it alone” until events made it clear that a better understanding of the market was essential.
He affirmed the deepening collaboration between the financial authorities: “We are deeply in collaboration to ensure that all the different regulatory authorities can midwife the process that is sustainable with respect to digital currency.”
On internal innovation, Cardoso confirmed that the CBN has already adopted digitisation and Artificial Intelligence (AI) to enhance its operations, stating that all internal approval processes are now digital, with the bank committed to becoming a paperless institution.
Also see: UNIPORT Bans Final Year “Sign-Out” Ceremony
Furthermore, he offered advice to future leaders in the audience, emphasising the importance of safeguarding their credibility, maintaining resolve amidst challenges, and ensuring effective communication, particularly regarding complex subjects like monetary policy.
“The danger in not communicating is that only you know what you are doing. People need to understand the journey, the challenges, and the hope for the future,” he stressed.
Cardoso stated that consistent reforms have successfully restored confidence in Nigeria’s economy, leading to renewed interest from global investors.
