Nigeria’s foreign exchange reserves rose by $1.03 billion in one month, as Central Bank Governor Olayemi Cardoso said the regulator is working with the Securities and Exchange Commission (SEC) to establish a sustainable framework for digital currencies.
Speaking at the CBN Governor’s Annual Lecture Series at Lagos Business School, Cardoso said cryptocurrencies, blockchain innovation, and fintech would play a role in shaping Nigeria’s monetary policy, though the full extent is still unfolding.
He recalled how Nigeria emerged as one of the world’s biggest cryptocurrency markets two years ago when regulators struggled to rein in coin exchanges. “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,” he added.
Cardoso said the CBN and SEC are now “deeply in collaboration” to guide digital currency regulation. “We are working to ensure that all the different regulatory authorities can midwife the process that is sustainable with respect to digital currency,” he noted.
On innovation, the governor disclosed that the apex bank had digitised its internal approval systems, adopted artificial intelligence tools, and was moving toward a paperless office.
He urged students and young professionals to safeguard their credibility, remain resilient in adversity, and communicate effectively — particularly in technical areas such as 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 policy consistency and ongoing reforms had restored investor confidence in Nigeria’s economy, with global funds showing renewed appetite for exposure.
