CBN, SEC Working on Sustainable Framework for Digital Currencies
The Central Bank of Nigeria (CBN) is working closely with the Securities and Exchange Commission (SEC) to develop a sustainable regulatory framework for digital currencies in the country, according to Olayemi Cardoso, governor of the apex bank.
Speaking on Friday at the CBN governor’s annual lecture series at the Lagos Business School, Cardoso noted that cryptocurrencies, fintech, and blockchain technologies will influence the future of currency policy, though “the extent remains to be seen.”
He recalled Nigeria’s emergence as one of the world’s largest crypto trading hubs two years ago, a development that left regulators struggling to keep pace with 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.
“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 added that the CBN has already embraced digitisation and artificial intelligence in its operations, with all approval processes digitised and a drive toward a paperless office.
He further advised aspiring leaders to protect their credibility and communicate effectively: “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.
