Nigerian SEC Gives Nod to Stablecoins as Crypto Policy Ahead of 2026
Main Idea
Nigeria's SEC has approved stablecoins as part of its crypto policy ahead of 2026, following the U.S. regulatory path and aiming to foster innovation and market integrity.
Key Points
1. Dr. Emomotimi Agama, Director-General of Nigeria’s SEC, announced the country's openness to stablecoin innovation during the Nigeria Stablecoin Summit in Lagos.
2. Nigeria has already onboarded some stablecoin firms, with the market expected to grow significantly, influenced by the U.S. GENIUS Act.
3. The Central Bank of Nigeria (CBN) lifted its 2017 ban on crypto-related payments in 2023, aligning with the Investment and Securities Act 2025 (ISA 2025).
4. The stablecoin market has reached a $271 billion market cap, led by Tether’s USDT and Circle’s USDC, boosting liquidity for the broader crypto market.
5. Nigeria’s regulatory approach mirrors the EU’s, with stablecoins seen as a driver for mainstream adoption of Bitcoin, Ethereum, and altcoins during the 2025 bull market.
Description
Nigeria is the first African nation to welcome stablecoins innovation with a nod from its SEC The stablecoin market is projected to grow exponentially after the U.S. government enacted the GENIUS Act. The Nigerian government has pushed back and forth on digital assets regulations over the years. Nigeria is taking significant steps toward embracing stablecoin innovation, signaling a broader shift in its stance on digital assets. The nation that had earlier restricted the use of cryptocurrency has...
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