‘Nigeria is Open for Stablecoin Business, But on Terms That Protect Our Markets and Empower Nigerians,’ Says SEC Nigeria

The Securities and Exchange Commission (SEC) has expressed openness to the integration of stablecoins and other digital innovations in Nigeria’s financial ecosystem, provided adequate investor protections are in place.

Speaking at the Nigeria Stablecoin Summit 2025 in Lagos, Nigeria, the Director-General of the Securities and Exchange Commission of Nigeria (SEC Nigeria), Dr. Emomotimi Agama, said,

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

Dr. Agama emphasised that the commission is committed to supporting innovation but will maintain strict regulatory oversight to ensure market integrity.

“I stand before you as both a regulator and an advocate for responsible innovation.”

Emphasizing the growing demand for stablecoins amidst a vibrant digital economy and the challenges posed by the Naira’s fluctuations, Agama noted:

“The digital economy in Nigeria is dynamic, youthful, and increasingly decentralised.

Freelancers, traders, and businesses are increasingly opting for stablecoin payments to hedge against volatility.”

The SEC Nigeria boss noted that the commission is aligning with global regulatory trends to stay relevant in the evolving digital finance space.

“Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities.

The ISA 2025 includes forward-looking provisions for digital asset regulation.”

According to Agama, these regulations will “provide a firm legal foundation for oversight of stablecoins and other digital assets.”

Speaking on stablecoins that are operational in Nigeria, Agama noted:

“We have onboarded some firms focused on stablecoin applications, all while ensuring compliance with core risk management principles.

Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam.

I want to see global capital flowing into Lagos as the stablecoin hub of the Global South. This is not just finance. This is nation-building.”

At a previous conference, Agama had revealed that the Commission is actively collaborating with developers to co-create a robust regulatory environment for stablecoins, particularly Naira-pegged stablecoins. He explained that stablecoins under consideration will be fully backed by verifiable reserves and subject to regular updates by independent custodians, similar to established stables like USDT and USDC.

This approach is designed to foster trust and transparency in the digital assets’ ecosystem, moving beyond mere speculation to support real-world economic activities.

“The future of Nigeria’s digital assets ecosystem depends on three pillars: collaboration, innovation, and trust,” he said.

In addition to stablecoins, the Commission is reportedly signaling its readiness with exchange traded funds (ETFs) through its proactive regulatory approach, a move similar to other advanced markets like the United States that have seen billions of dollars go into regulated ETFs.

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