Nigeria is officially opening its doors to stablecoin businesses. This marks a big shift in the country’s approach to cryptocurrency regulation.
Nigeria’s SEC Gives Stablecoins the Green Light (on its terms)
The Nigerian Securities and Exchange Commission (SEC) Director-General, Emomotimi Agama, announced the news at the Nigerian Stablecoin Summit in Lagos. He made it clear that while Nigeria welcomes stablecoin operations, it will be done under a regulatory framework designed to protect the Nigerian market. Agama stressed the importance of balancing innovation with responsible regulation.
The recent Investment and Securities Act of 2025 provides the legal groundwork for this, offering provisions to govern the digital asset industry. However, Agama also emphasized the need for regulations tailored to Nigeria’s unique circumstances, stating, “Africa needs African solutions.” He highlighted the potential for stablecoins to address the volatility of the Nigerian Naira and meet the growing demand from individuals and businesses.
A Dynamic Digital Economy
Agama praised Nigeria’s “dynamic, youthful, and increasingly decentralized” digital economy, pointing to the significant potential for stablecoin growth. He believes this move represents a pivotal moment in Africa’s financial future, calling it a step from “potential to action.”
Easing Up on Crypto Restrictions
This positive stance on stablecoins is part of a broader shift in Nigeria’s crypto policy. Over the past few years, the government has moved away from outright bans towards a more regulated approach. For example, the Central Bank of Nigeria (CBN) lifted its two-year ban on cryptocurrency transactions in 2023 and introduced guidelines for virtual asset service providers (VASPs) to open bank accounts. The SEC is also actively developing policies to oversee the issuance, offering, and custody of cryptocurrencies.