The Central Bank of Nigeria (CBN) said that with the emergence of cryptocurrencies, innovation has come to the financial sector.
Nigeria Central Bank Governor: Crypto Brings Innovation to the Financial Industry
Central banks of countries have recently started to make statements about cryptocurrencies. This time, the statement on the subject came from the Governor of the Central Bank of Nigeria.
Godwin Emefiele, Chairman of the Central Bank of Nigeria (CBN), stated that despite the current risks, cryptocurrencies benefit financial inclusion by accelerating growth and reducing poverty levels. In line with this, Emefiele added that financial institutions should rethink their approach to regulating cryptocurrencies.
Godwin Emefiele, President of CBN, continued:
The evolution of FinTechs, cryptocurrencies, Digital Payments, Artificial Intelligence and Machine Learning has changed the way the finance and banking industries operate both globally and locally. For this reason, the regulation, supervision and monetary policy practices of the financial system need to be reviewed urgently.
Chairman Emefiele stated that the bank’s Monetary Policy Committee (MPC) will identify a new approach and propose a new direction to improve the country’s monetary framework.
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