Cardoso: CBN working with SEC on framework for crypto regulation

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the bank is collaborating with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country.

Speaking during the CBN governor’s annual lecture series at the Lagos Business School (LBS) on Friday, Cardoso said cryptocurrencies, fintech, and blockchain innovation will play a role in shaping the future of currency policy — but the extent remains to be seen.

He recalled how Nigeria was thrust into global crypto prominence two years ago when regulators struggled to manage coin exchange markets, with the country ranked among the largest crypto trading hubs worldwide.

“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,” the economist 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.”

On innovation, Cardoso said the apex bank has already embraced digitisation and artificial intelligence (AI) internally, with all approval processes now digitised and a commitment to running a paperless office.

The governor also advised students aspiring to be future leaders to safeguard their credibility, stay the course despite headwinds, and communicate effectively — especially in complex areas like monetary policy.

“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,” he said.

Cardoso maintained that consistent policies and reforms have restored confidence in Nigeria’s economy, with global investors showing renewed appetite.