Nigeria is officially open to stablecoin businesses, provided operators comply with regulatory standards, according to Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), as reported by TheCable.
While speaking at the Nigeria Stablecoin Summit held 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 to play in the country’s financial future. However, he emphasized that participation must occur within a structured legal framework.
Agama made the government’s position unambiguous, declaring,
“Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians.”
He highlighted that the growing reliance on stablecoins by freelancers, traders, and small businesses is closely tied to persistent naira volatility.
As stablecoin adoption accelerates across Africa, individuals and enterprises are increasingly turning to dollar-backed digital assets to hedge against inflation and currency instability. Agama acknowledged this regional trend, stating that stablecoins are already transforming financial behaviour and offering practical alternatives to unstable local currencies.
Nigeria open to stablecoin businesses, says SEC DG | TheCable https://t.co/4d0hmjKpv3 pic.twitter.com/O5tJsnOB87
— TheCable (@thecableng) July 24, 2025
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.
Echoing this optimism, Nathaniel Luz, President of the Africa Stablecoin Network, commended Nigeria’s proactive stance. He described the SEC’s support as a critical step in building a well-regulated and thriving digital asset ecosystem across Africa.
The stablecoin sector is gaining momentum globally. Ripple CEO Brad Garlinghouse, during an interview with CNBC’s Squawk Box, projected that the market could grow from its current valuation of $250 billion to as much as $1 trillion to $ 2 trillion. He attributed this outlook to rising institutional adoption and the steady emergence of clearer regulatory frameworks worldwide.
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