By Chimezie Godfrey
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called for coordinated global regulation of digital cross-border payments to safeguard financial stability in developing countries.
Cardoso made the call at the G-24 Technical Group Meeting in Abuja, noting that the monetary sector must support fiscal reforms announced by Finance Minister Wale Edun.
He said digital finance is transforming global trade and integration.
“This moment requires us to treat cross-border payments as a development priority, not merely a technical issue,” he said.
Cardoso explained that payment inefficiencies hinder economic participation in many emerging economies.
“For our economies, costly remittances and fragmented settlement processes prevent small businesses from entering global markets,” he said.
He warned that digital currencies and private platforms could create macroeconomic risks.
“Without coordination, digital payments may undermine monetary sovereignty and increase exchange-rate pressures,” he said.
He highlighted Nigeria’s reforms to modernise payment systems.
“The National Payment Stack supports real-time multi-currency transactions and strengthens financial inclusion,” Cardoso noted.
The governor said remittance inflows have improved following policy changes.
“Nigeria now records approximately $600 million monthly remittance inflows with prospects of further growth,” he said.
He added that simplified compliance procedures support African trade integration.
“Our simplified KYC framework encourages SMEs participation in regional trade payments,” Cardoso stated.
Cardoso also stressed institutional responsibility of central banks.
“Central banks must safeguard stability while enabling innovation,” he said.
He urged stronger cooperation among developing nations.
“A coordinated Global South voice is essential in shaping future financial architecture,” he added.
The CBN governor concluded that integration of fiscal and monetary reforms remains necessary for sustainable growth.
“Digital finance can become a public good if properly governed,” he said.