Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that the apex bank is working closely with the Securities and Exchange Commission (SEC) to design a sustainable regulatory framework for digital currencies in the country.
Speaking at the CBN Governor’s Annual Lecture Series hosted by the Lagos Business School on Friday, Cardoso acknowledged that cryptocurrencies, fintech, and blockchain technologies are poised to play a significant role in the future of monetary policy even as their full impact remains uncertain.
Cardoso reflected on Nigeria’s sudden rise to the global crypto spotlight over the past few years, describing how regulators were initially caught off guard as digital coin trading surged.
“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,” he explained.
He noted that the lack of early regulatory oversight allowed a parallel financial system to develop unchecked until crisis moments forced regulators to pay closer attention.
“In many respects, regulators left it alone and people believed that perhaps it didn’t exist until certain things happened. It became clearer there was a need to better understand that market,” Cardoso said.
Now, according to him, the CBN is collaborating actively with other regulators, especially the SEC, to “midwife a responsible and sustainable process” for digital currencies in Nigeria.
CBN Goes Digital and Embraces AI
Cardoso also highlighted how the Central Bank is leading by example through internal digital transformation. He revealed that approval processes have been fully digitised, and the bank is working towards a paperless operational environment.
He added that Artificial Intelligence (AI) is being integrated into operations to improve decision-making and efficiency, part of a broader shift to modernize monetary governance in line with global trends.
Offering advice to students and future policymakers, Cardoso emphasized the importance of clear communication, personal integrity, and resilience particularly in navigating complex economic challenges.
“The danger in not communicating is that only you alone know what you are doing,” he said. “People need to understand the journey, the challenges, and the hope for the future.”
Investor Confidence on the Rise
The CBN governor reiterated that Nigeria’s macroeconomic stability is improving, attributing the shift to consistent reforms and clearer monetary direction under his leadership.
He said these efforts are already paying off, with renewed interest from global investors, signaling growing trust in Nigeria’s economic future.
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