Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso has revealed that the bank is working closely with Securities and Exchange Commission (SEC) to design a sustainable regulatory structure for cryptocurrencies in the country.
Gatekeepers News reports that speaking at the annual CBN Governor’s Lecture at Lagos Business School on Friday, Cardoso explained that digital currencies, fintech, and blockchain technology will inevitably shape monetary policy in Nigeria, though the full impact is yet to be determined.
He recalled Nigeria’s surge into global crypto prominence two years ago, noting that regulators initially struggled to oversee coin exchanges, while the nation quickly became one of the world’s largest hubs for crypto trading.
Cardoso said, “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.”
“In many respects, regulators left it alone and people believed that perhaps it didn’t exist until certain things happened. It became clearer that there was a need to understand that market better.”
“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.”
Cardoso also revealed that the apex bank has digitised all approval processes, embraced artificial intelligence (AI), and is transitioning toward a paperless system.
Beyond technology, he urged students aspiring to leadership to preserve integrity, remain resilient in the face of challenges, and prioritise clear communication, especially in complex areas like monetary policy.
He said, “The danger in not communicating is that only you alone know what you are doing. People need to understand the journey, the challenges, and the hope for the future.”
The CBN Governor further noted that Nigeria’s recent policy consistency and reforms have boosted investor confidence, with international interest in the country’s economy showing renewed strength.
