“We’re Open For Stablecoin Business, On Our Terms”

Key Takeaways:

Nigeria’s SEC affirms full support for stablecoin startups, provided they operate under new regulatory rules that emphasize local realities and national priorities.
SEC DG Emomotimi Agama announces stablecoin onboarding into Nigeria’s regulatory sandbox, aiming for long-term leadership in cross-border crypto trade across Africa.
The move signals a sharp pivot from last year’s crackdown on exchanges like Binance, with Nigeria now pushing for structured, compliant innovation in the digital asset space.

Nigeria is stepping back into the crypto spotlight but this time, with rules, vision, and a firm message: stablecoin startups are welcome, but only under a framework that protects national interests. In a post-Binance era, this shift could redefine how the world sees Africa’s most populous nation in the digital finance revolution.

Nigeria’s Crypto Reset: Stablecoins Now Welcomed Under Regulation

In a surprising yet strategic move, Nigeria’s Securities and Exchange Commission (SEC) has opened the door to stablecoin businesses, marking a clear departure from its previously hardline stance against crypto.

At the Nigeria Stablecoin Summit in Lagos, SEC Director-General Emomotimi Agama laid out Nigeria’s new direction in digital asset policy. His keynote, titled “Building a Regulatory Framework for Stablecoin Innovation: The Nigerian Perspective”, made clear that Nigeria now sees stablecoins not as a threat, but as a tool for empowerment if they follow the rules.

“Nigeria is open for stablecoin business,” Agama declared. “But on terms that protect our markets and empower Nigerians.”

This reversal follows increased adoption of digital assets in the country of Nigeria. To avoid inflation and naira volatility, citizens, freelancers and entrepreneurs are increasingly using dollar-backed stablecoins. Data from Chainalysis already ranks Nigeria in the top 10 countries in the world when it comes to crypto usage as measured by transaction volume, even though the government was previously opposed.

The message from Agama was pragmatic as well as visionary. “Five years from today,” he said, “I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.”

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