The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the nation’s surging interest in cryptocurrencies underscores the urgent need for a deeper understanding of the digital asset market and the establishment of clear regulatory safeguards.
Speaking at a financial stakeholders’ forum in Abuja, Cardoso disclosed that the CBN is collaborating with the Securities and Exchange Commission (SEC) to design a sustainable regulatory framework that balances innovation with financial stability.
According to him, the rapid adoption of digital currencies among Nigerian youths and businesses highlights both opportunities and risks. He noted that while cryptocurrencies offer new channels for investment and financial inclusion, they also raise concerns over volatility, fraud, money laundering, and investor protection.
“The crypto market in Nigeria has grown beyond what we can ignore. It is imperative that we create a robust framework that ensures transparency, protects investors, and prevents abuse, while also supporting innovation in the financial technology space,” Cardoso stated.
He stressed that the collaboration between the CBN and SEC would harmonize regulatory approaches, preventing conflicting directives that previously confused stakeholders and hindered the sector’s growth.
Cardoso further noted that the global economy is moving towards digital financial systems, and Nigeria must position itself strategically to benefit. However, he warned that reckless participation in the crypto space without proper education and regulation could lead to devastating financial losses for many citizens.
Industry analysts say Nigeria ranks among the top countries in the world in terms of cryptocurrency adoption, with millions of transactions processed daily across various platforms. This, experts argue, makes it critical for regulators to provide clarity on taxation, security, and consumer rights.
The CBN Governor assured that the forthcoming framework would incorporate inputs from fintech players, commercial banks, policymakers, and international best practices, aiming to make Nigeria a model for regulated crypto adoption in Africa.
