By Emeka Anthony Nwosu
On a quiet evening in Lagos, Okikiola Olatunde, a Web3 educator and blockchain advocate, found herself on the rooftop of her hotel — a spot she playfully christened “Think Tank 101.” From that elevated perch, her gaze fell upon the imposing silhouette of the Central Bank of Nigeria (CBN) headquarters across the skyline. And as the lights of the city flickered against the dusk, a thought struck her — one both daring and deeply imaginative.
“What if,” he mused, “the CBN suddenly announced that it was adopting blockchain technology as Nigeria’s new financial settlement layer?”
For Olatunde, the scenario was more than a fleeting daydream. It was a thought experiment about how one decisive act could propel Nigeria to the forefront of global fintech innovation. “It wouldn’t just be a good initiative,” she reflected. “It would be a seismic, revolutionary foundation — something that would have governments worldwide scrambling to copy Nigeria, making us the trailblazing pioneers of financial technology overnight.”
His vision is bold but grounded in technical possibility. She imagines a financial ecosystem where transactions no longer linger in the digital ether, awaiting “processing” or “verification.” In this blockchain-powered reality, a transfer would be instantaneous — no pending status, no delays, no anxious refreshes of a banking app at midnight. Interbank settlements, government payments, and remittances would occur in real time, powered by a decentralized ledger that updates simultaneously across all participating institutions.
Beyond speed, Olatunde’s imagined CBN blockchain would redefine transparency in public finance. Every naira’s journey — from government disbursement to final destination — could be recorded immutably on a public ledger. Fraud, she suggests, would no longer have hiding places; accountability would cease to be optional. “The ledger never forgets and never lies,” she wrote, painting a picture of a financial system where lost funds and shadowy transactions become relics of the past.
This transformation, in his view, would also usher in a new era of cost efficiency. By eliminating intermediaries and reducing reconciliation layers, Nigeria’s financial system could cut operational expenses drastically. Transfers would become cheaper for businesses and individuals alike, boosting liquidity and competitiveness in the domestic market. The outcome would be a leaner, faster, and more agile economy — one where digital finance finally lives up to its promise of inclusion and innovation.
But perhaps the most profound impact of such a shift, Olatunde argues, would be on financial inclusion. In a country where millions remain unbanked or underbanked, blockchain’s accessibility could extend banking services to every mobile device. Geography and banking hours would no longer be barriers; the financial system would live in the palm of every citizen’s hand. “No more excuses like ‘my bank is closed’ or ‘I live too far,’” she remarked. “Everyone becomes part of the system.”
For the CBN itself, the move would represent a quantum leap into the future of digital governance. With blockchain as its settlement foundation, the apex bank could gain unparalleled visibility into monetary flows, enhancing policy formulation, tax compliance, and oversight. It could monitor the economy with precision, manage liquidity in real time, and even prepare for the tokenization of assets — from government bonds to real estate. In Olatunde’s words, it would be like “upgrading from a flip phone to the latest smartphone overnight.”
Yet, even as his rooftop reverie stretched the imagination, Olatunde remained grounded in realism. The odds of such a sweeping transformation, she admitted, remain “prudently low.” Not because the technology lacks potential, but because the institutional, regulatory, and political complexities are enormous. “Some other things are at play,” she wrote cryptically, choosing not to elaborate.
Still, his thought experiment serves a purpose — to inspire conversation about what’s possible. Nigeria, after all, already has a foothold in digital currency innovation through the eNaira, Africa’s first central bank digital currency (CBDC). While adoption has been slow, the infrastructure exists, and Olatunde’s reflection invites the question: what if Nigeria went further — embedding blockchain not as a side project, but as the backbone of its entire financial system?
It’s an idea that straddles imagination and foresight. The prospect of a blockchain-powered CBN evokes a future where Nigeria could lead the developing world in digital finance, setting new global standards for speed, trust, and transparency.
As Olatunde descended from her rooftop “think tank,”she did so with a sense of cautious optimism. The revolution she envisioned might not happen tomorrow — perhaps not even soon — but the conversation it sparks is vital. “Until the CBN surprises us all,” she wrote in closing, “we wait, dream, and imagine the revolution that could be.”
“think tank,”she did so with a sense of cautious optimism. The revolution she envisioned might not happen tomorrow — perhaps not even soon — but the conversation it sparks is vital. “Until the CBN surprises us all,” she wrote in closing, “we wait, dream, and imagine the revolution that could be.”
