The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the bank is working in deep collaboration with the Securities and Exchange Commission (SEC) to develop a sustainable regulatory framework for digital currencies in the country.
Speaking at the CBN governor’s annual lecture series at the Lagos Business School (LBS) on Friday, Governor Cardoso acknowledged the significant role that cryptocurrencies, fintech, and blockchain innovation will play in shaping the future of currency policy.
Rationale for Collaboration
Cardoso recalled that Nigeria was thrust into the global spotlight as one of the largest crypto trading hubs two years ago, leading to regulatory challenges.
He stressed the necessity for a unified approach:
- “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.”
- The CBN Governor noted that the initial laissez-faire approach by regulators was abandoned after certain events made it clear there was a crucial need to “understand that market better” and protect investors.
Focus on Innovation and Communication
Beyond regulation, the Governor highlighted the CBN’s internal adoption of innovation, noting that the apex bank has already embraced digitisation and Artificial Intelligence (AI), moving towards a paperless office with fully digitised approval processes.
Cardoso also advised aspiring leaders to safeguard their credibility and ensure effective communication, especially regarding complex areas like monetary policy, adding that consistent policies and reforms have helped restore confidence and renewed appetite from global investors in the Nigerian economy.
