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Stablecoins have gone from crypto curiosity to policy agenda in Nigeria. And the country’s first-ever Stablecoin Summit, held in Lagos on July 24, made that shift official. The one-day event, hosted at the Oriental Hotel, pulled in regulators, fintech operators, blockchain developers, and venture capitalists. But this wasn’t a hype fest. Conversations stayed focused on one thing, turning stablecoins into usable infrastructure.
At the center of those conversations was Dr. Emomotimi Agama, Director General of Nigeria’s Securities and Exchange Commission (SEC), who laid out the government’s stance. “You’re welcome to build,” he said, “but follow the rules.” Under Nigeria’s 2025 Investment and Securities Act, the SEC regulates digital assets, while the Central Bank of Nigeria (CBN) handles payments. This split jurisdiction defines how stablecoins will be managed going forward.
Regulators didn’t just show up, they’re opening doors. New initiatives like the Accelerated Regulatory Incubation Programme (ARIP) and the fintech.gov portal allow startups building with stablecoins to fast-track compliance, access regulatory sandboxes, and get licensed. For once, it feels like a signal to innovators, not a warning shot. The summit also highlighted cNGN, the first naira-backed stablecoin to get a regulatory greenlight. Pegged 1:1 with on-chain naira reserves and available on local exchanges like Quidax and Busha, cNGN is being framed as Nigeria’s answer to USDT and USDC, but with local advantages, no FX exposure, faster settlement, and full regulatory backing.
Stablecoins aren’t just for tech bros and crypto insiders, they are also for freelancers receiving payments from abroad without delays or currency loss, diaspora remittances arriving instantly and without high transfer fees, and NGOs using stablecoins to deliver aid directly to beneficiaries. Cooperatives are also exploring stablecoin-backed microloans, while some e-commerce players are eyeing programmable payments as a way to reduce failed card transactions.
Beyond ideas and infrastructure, Nigeria is betting on people. The summit featured a $10,000 startup pitch competition and an essay contest for undergraduates, highlighting how much of the innovation will depend on young, local talent. Dr. Agama went as far as to invite global venture capitalists to see Nigeria as a continental hub for stablecoin development and offering regulation, cost-efficiency, and developer firepower in one place.
For all the optimism, Nigeria’s stablecoin playbook is far from complete. Wallet access remains uneven, especially outside major cities. Many stablecoin transactions still rely on peer-to-peer channels, exposing users to fraud. And while the SEC’s new framework is promising, enforcement mechanisms are still untested.
The momentum is real. According to Chainalysis, Nigeria processed over $59 billion in crypto transactions between mid‑2023 and mid‑2024, much of it driven by stablecoins. The country now ranks second globally in crypto adoption. Globally, stablecoins have surpassed $225 billion in market cap, with annual volumes outpacing both Visa and PayPal.
Nigeria isn’t asking whether stablecoins matter anymore. The focus has shifted to how to scale them safely, smartly, and locally. This summit was a clear answer, stablecoins are not the future. They are already here and Nigeria is building around them.
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