The Securities and Exchange Commission (SEC) has officially announced that Nigeria is open for stablecoin operations—provided all participants comply with existing financial regulations and frameworks.
Speaking on Thursday at the Nigeria Stablecoin Summit in Lagos, SEC Director-General Emomotimi Agama described the moment as a historic leap in Africa’s financial revolution.
“Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” Agama declared. “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action.”
He emphasised the SEC’s dual commitment to innovation and investor protection, saying, “I stand before you as both a regulator and an advocate for responsible innovation.”
Highlighting the increasing use of stablecoins in Nigeria’s evolving digital economy, Agama noted that “freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility.”
He added that continued naira depreciation has further accelerated demand for dollar-backed digital assets, as citizens and businesses seek reliable alternatives for payments and savings.
Agama also praised Nigeria’s youth-driven digital economy, describing it as “dynamic, youthful, and increasingly decentralised,” and called for collaboration between regulators and innovators to ensure secure and inclusive growth in the blockchain and crypto space.
