At the stablecoin summit in Lagos, SEC Director Emomotimi Agama announced Nigeria's readiness to embrace stablecoin businesses, provided they comply with legal standards.
Nigeria's Position on Stablecoins
Speaking at the summit in Lagos, Agama outlined the government's evolving stance on digital assets. He stated that stablecoins—digital currencies pegged to fiat currencies or commodities—have a clear role in the country’s financial future. However, participation must occur within a structured legal framework.
CITE_W_A: “Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”
The Growing Role of Stablecoins in the Economy
Agama highlighted that the increasing reliance on stablecoins by freelancers and small businesses is closely tied to persistent naira volatility.
He noted that as stablecoin adoption accelerates across Africa, individuals and enterprises are increasingly turning to dollar-backed digital assets to hedge against inflation and currency instability.
Regulation and Support for Innovations
To support this shift, the SEC chief referenced the recently enacted Investment and Securities Act (ISA 2025), which he described as the legal bedrock of Nigeria’s digital asset regulation. The new law includes provisions designed to offer regulatory clarity and to enable proper oversight of stablecoin-related innovation.
Agama further reassured innovators that regulatory oversight would not hinder growth. He revealed that the SEC’s regulatory sandbox has already welcomed several firms developing stablecoin solutions, each of them operating under clear risk management requirements.
Nigeria is demonstrating an active approach to integrating stablecoins into its financial system, which could influence the development of a more resilient and thoughtful digital asset ecosystem in the region.
