The Nigerian Securities and Exchange Commission (SEC) has announced the nation’s willingness to embrace stablecoin businesses within its borders. This event marks a crucial development in Nigeria’s crypto regulation after the West African giant began to change its hostile approach against the virtual asset industry in 2023.
We Will Deal With Stablecoins But On Our Terms: SEC DG
According to local media Punch Newspapers, Emomotimi Agama, the Nigerian SEC Director-General (DG), expressed the commission’s readiness to condole and foster stablecoin operations. This announcement came during the DG’s keynote address at the Nigerian Stablecoin Summit in Lagos on Thursday, organized by the African Stablecoin Network.
According to Agama, the SEC welcomes all stablecoin businesses that are ready to operate on conditions that protect and empower Nigerian markets. The DG strongly emphasized this message in highlighting the need to balance responsible innovation with regulation.
In showing the Commission’s readiness to deal with stablecoin operators, Agama also referenced the recent Investment and Securities Act 2025, which offers provisions in governing the digital assets industry, representing the first legal step in creating a suitable business environment for stablecoins.
However, while acknowledging the global trend in actively embracing stablecoins, the SEC boss hinted at potential differences in regulations while explaining the need to implement solutions unique to the Nigerian landscape. Agama said:
Africa needs African solutions, regulatory frameworks that reflect our market conditions, demographic realities, and development priorities.
Emomotimi Agama has strongly lauded the potential of building a strong stablecoin community in Nigeria, which he says, possesses a digital economy that is “dynamic, youthful, and increasingly decentralised.” He also cites a rising market demand for these dollar-pegged virtual cryptocurrencies from individuals and businesses due to fluctuations in the value of the Nigerian naira.
The SEC DG believes stablecoins have a major role in Africa’s financial future, describing the SEC announcement as a critical historical moment. Agama said
When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action
Crypto Regulation In Nigeria
Over the past three years, Nigerian authorities have shifted from outright restrictions to a framework of regulated acceptance in dealing with the crypto industry. Most notably, the Central Bank of Nigeria (CBN) lifted its two-year ban on cryptocurrency-related transactions in 2023 before introducing a guideline on opening commercial bank accounts for virtual assets service providers (VASP).
Meanwhile, the Nigerian SEC, which has previously recognized digital assets as securities, continues to roll out several policy documents on issuance, offering, and custody of cryptocurrency to bring all market players under regulatory oversight.
At press time, the global crypto market cap remains valued at $3.83 trillion following a 0.40% gain in the past day.
