Cardoso Urges Nigeria to Develop Cryptocurrency Regulation as Market Evolves

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for a coordinated and forward-looking regulatory framework for cryptocurrency in Nigeria. He noted that the rapid expansion of the crypto market demands not only oversight, but a structure that balances protection with innovation.

Speaking at the inaugural CBN Governor’s Lecture Series at Lagos Business School, Cardoso traced the sector’s evolution and highlighted regulatory gaps that allowed crypto trading to flourish with little formal oversight. He remarked that regulators had largely left the space unchecked until recent challenges made market vulnerabilities obvious.

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The central bank governor disclosed that Nigeria ranks among the global leaders in cryptocurrency trading volume. He emphasized the importance of interagency cooperation, noting that the CBN is engaging with the Securities and Exchange Commission (SEC) and other institutions to craft a sustainable regulatory ecosystem.

Cardoso acknowledged that the regulatory journey is ongoing and must be navigated carefully. He added that the bank is assembling technical expertise to explore areas such as central bank digital currencies (CBDCs), though he said it remains early in the process.

Beyond cryptocurrency, Cardoso reaffirmed the CBN’s commitment to digital innovation and urged the inclusion of multidisciplinary talent—including women and professionals beyond economics—in shaping the future of central banking in Nigeria.