Cardoso made this known on Friday at the CBN Governor’s Annual Lecture Series hosted by Lagos Business School, where he addressed the future of cryptocurrencies, fintech innovations, and blockchain technology in Nigeria’s financial system.
Shaping monetary policy in a digital era
The governor highlighted that while the potential of cryptocurrencies and blockchain in shaping monetary policy is undeniable, the scale and direction of their impact remain unclear. “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 observed, recalling Nigeria’s unexpected rise to global crypto prominence two years ago.
He explained that the lack of early regulatory oversight allowed the market to grow rapidly, often outside of official safeguards. “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 the market better,” he said.
Cardoso stressed that the new approach will involve coordination across regulatory agencies to ensure digital currency oversight is both sustainable and aligned with investor protection.
Digital transformation within the apex bank
Beyond external regulation, the CBN governor also underscored the bank’s internal embrace of technology. According to him, the apex bank has digitised its approval processes and is transitioning to a paperless office, while also integrating artificial intelligence (AI) to enhance operations.
Guidance for future leaders
Cardoso took time to offer advice to students at the lecture, urging aspiring leaders to safeguard their credibility, maintain focus despite challenges, and prioritise effective communication — especially when dealing with complex areas like monetary policy. “The danger in not communicating is that only you know what you are doing. People need to understand the journey, the challenges, and the hope for the future,” he noted.
Nigeria’s crypto landscape
Nigeria has emerged as one of the most active cryptocurrency markets globally, driven by a youthful population, high mobile penetration, and limited trust in traditional banking systems. The country consistently ranks among the top hubs for peer-to-peer crypto transactions in Africa and worldwide.
For Cardoso, the challenge now is striking the balance between innovation and stability. By collaborating with SEC, he signalled a regulatory shift aimed at recognising the role of digital currencies in Nigeria’s economy while ensuring that such innovations operate within a safe and transparent framework.