CBN Moves to Regulate Digital Assets, Says Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced plans to develop a comprehensive regulatory framework for digital assets. The initiative is aimed at safeguarding Nigeria’s financial system while encouraging responsible innovation.

Cardoso stated that the rapid expansion of digital asset transactions requires structured oversight to mitigate risks such as fraud, money laundering, and systemic vulnerabilities. The framework is expected to strike a balance between technological advancement and financial stability.

The apex bank acknowledged Nigeria’s growing participation in the global digital economy, particularly among young investors and fintech operators. However, it emphasized that clear rules are necessary to protect consumers and ensure market integrity.

Financial analysts believe that well-defined regulation could position Nigeria as a regional leader in digital finance while reducing exposure to speculative excesses and cybercrime threats.

The CBN has indicated that stakeholder consultations will guide policy formulation, ensuring that industry participants and regulatory authorities collaborate toward a secure and transparent digital ecosystem.