It has been made known, through the rather surprising pronouncements of Mr. Olayemi Cardoso, Governor of the Nigerian Central Bank, that an accord has been reached with the esteemed Securities and Exchange Commission (SEC) to consider a framework for these… *digital currencies*.
A Most Unexpected Collaboration
Mr. Cardoso, in a discourse delivered at the Lagos Business School – a circumstance I trust was not *too* taxing – has revealed that the Central Bank is deigning to collaborate with the Securities and Exchange Commission (SEC) of Nigeria to construct a sustainable arrangement for such novelties. A reversal of policy, this is, under the administration of President Tinubu, a gentleman who appears to favor a more compliant modernity.
Indeed, the tone has undergone a distinct alteration, with Mr. Cardoso suggesting a novel openness to these digital assets, as if only just discovering their existence. Regulators now seek to “midwife” – a most peculiar expression – a framework balancing innovation with financial stability. One wonders if they had previously thought financial stability might simply… happen?
“We are deeply in collaboration to ensure that all the different regulatory authorities can midwife the process that is sustainable with respect to digital currency,” Mr. Cardoso declared, with a gravity entirely disproportionate to the matter at hand.
Until scarcely a year ago, Nigerian authorities viewed these cryptocurrencies with a decided disfavour, the Central Bank, under the previous Governor, Mr. Emefiele, leading the charge with a zeal one might expect to see directed toward solving a national crisis. A directive was issued, effectively barring financial institutions from assisting those engaged in such… *speculative* ventures. 🧐
This energetic posture drew forth much criticism, and whispers – which I, of course, do not endorse – that the Central Bank was overstepping its bounds, even venturing into territory properly belonging to the SEC, who had always shown a degree of…tolerance. A most ungainly quarrel between the two regulators, creating a policy environment as confused as a young lady at her first ball.
A Belated Acknowledgment
However, since President Tinubu assumed office on the 29th of May last, the Central Bank has retreated from its strident position, rather generously relinquishing authority over these crypto-related affairs to the SEC.
A local report quotes Mr. Cardoso as admitting that Nigerian regulators were, shall we say, *surprised* by the zeal with which cryptocurrencies were adopted across the nation. He noted, with a delicate lack of self-awareness, that authorities have since come to realize the urgency of understanding these digital assets – a realization that appears to have arrived rather late in the day. 🙄
Though the particulars of this new framework remain concealed – no doubt causing considerable agitation amongst the knowing circles – the collaboration between regulators signals a shift towards a more unified sensibility. This renewed alignment, one hopes, will position Nigeria as a participant in the ongoing discourse on regulated digital innovation, lest we be left entirely in the dust.
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2025-10-04 11:08