Nigeria is opening its doors to stablecoin businesses that follow its rules. Emomotimi Agama, the Director-General of Nigeria’s Securities and Exchange Commission (SEC), said this on Thursday during the Nigeria Stablecoin Summit held in Lagos city, Nigeria.
The event was hosted by the Africa Stablecoin Network. “Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” Agama said in his keynote address titled ‘Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective’.
According to a local report, Agama explained that stablecoins are important to Nigeria’s digital economy, which is already growing fast and driven by young people. He noted that freelancers, traders, and businesses across Africa are using stablecoins more often to avoid losses from currency swings, especially with the naira’s recent ups and downs. “The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised,” he said.
According to Agama, the SEC has already allowed some firms to join its regulatory sandbox to test stablecoin products safely. He said these firms must follow rules that focus on risk management.
“We have onboarded some firms focused on stablecoin applications, all while ensuring compliance with core risk management principles,” he added. He made it clear that regulation is not a block to innovation. Instead, it’s a way to protect the market while letting new ideas grow.
Agama believes stablecoins can boost Nigeria’s future. He shared a bold vision, saying, “Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.” He also said he wants to see Lagos become a magnet for global capital in the stablecoin space.
Nathaniel Luz, President of the Africa Stablecoin Network, praised Nigeria’s regulators for supporting stablecoins. “This move is a significant step toward fostering a thriving and regulated digital asset ecosystem across Africa,” Luz said. He added that Nigeria could benefit a lot from stablecoin use, especially as an emerging market.
The SEC chief pointed to the newly signed Investment and Securities Act (ISA 2025) as a key law shaping crypto rules in Nigeria. He said the law gives clear guidance for handling stablecoins and digital assets. Agama also stressed that Africa needs its own kind of rules. “Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities,” he said.
Earlier this year, Nigeria’s Central Bank approved the launch of the naira-backed cNGN stablecoin, though that plan was later put on hold.
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