The Central Bank of Nigeria (CBN) is working closely with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country.
This move aims to ensure that all regulatory authorities can effectively oversee the process and create a stable environment for digital currency transactions.
CBN Governor Olayemi Cardoso, while delivering the annual lecture at the Lagos Business School (LBS) on Friday, underscored the importance of deeper insight into the digital currency market.
This focus is timely given Nigeria’s emergence as a significant global crypto trading hub.
“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.
He highlighted the need for collaboration to ensure that the framework is sustainable and effective in regulating digital currencies.
“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 has already taken steps to embrace digitization and artificial intelligence (AI) internally.
All approval processes have been digitized, and the bank is committed to running a paperless office.
This move aims to improve efficiency and reduce bureaucracy in the banking system.
Cardoso emphasized the importance of consistent policies and reforms in restoring confidence in Nigeria’s economy.
He noted that global investors are showing renewed appetite for the country’s economy, which is a positive sign for the nation’s economic growth.
“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,” Cardoso advised, highlighting the need for effective communication in complex areas like monetary policy.
Cardoso also offered advice to students aspiring to be future leaders, emphasizing the importance of safeguarding credibility, staying the course despite challenges, and communicating effectively.
“By doing so, leaders can build trust and ensure that their vision is understood and supported by the people.”
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