Nigeria's #2 Crypto Adoption Drives Stablecoin Summit for Naira Stability, Financial Inclusion

The Nigeria Stablecoin Summit, held at Lagos Oriental Hotel, positioned Nigeria as a pivotal player in blockchain innovation. Organized by the Africa Stablecoin Network (ASN), the event brought together regulators, fintech leaders, and policymakers to explore stablecoins as solutions for currency volatility and financial inclusion. Nigeria’s second-place ranking in global cryptocurrency adoption, per Chainalysis, underscores its strategic focus on leveraging digital assets to address economic challenges [1].

Dr. Emomotimi Agama, Securities and Exchange Commission (SEC) Director-General, highlighted the 2025 legislation clarifying the SEC’s regulatory authority over digital assets, including stablecoin issuance, while payment systems remain under the Central Bank of Nigeria (CBN). “The ISA 2025 is emphatic,” Agama stated, emphasizing the need for regulatory frameworks to foster innovation responsibly. The SEC’s Accelerated Regulatory Incubation Programme (ARIP) aims to streamline access for global and local innovators through transparent processes, with a dedicated fintech.gov portal [1].

Stablecoins, such as cNGN, were presented as critical tools for stabilizing Nigeria’s naira, which depreciated from ₦460 to ₦1,500 against the dollar between 2022 and 2025. Iyinoluwa Aboyeji of Future Africa stressed the importance of practical use cases, arguing that stablecoins must solve real-world problems like cross-border trade delays and currency devaluation. “People care about their money and what it can do for them,” he said, urging fintechs to prioritize user needs over technological hype. Aboyeji envisioned platforms powered by stablecoins enabling seamless global transactions, reducing the friction inherent in traditional banking systems [1].

The summit also featured initiatives to nurture local talent, including a $10,000 startup pitch competition and an undergraduate essay contest. These efforts reflect Nigeria’s commitment to building a vibrant fintech ecosystem. Obinna Iwuno of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) advocated for interoperable systems, emphasizing the need for reliable on- and off-ramps to connect everyday commerce with stablecoins. Platforms like Interstellar’s STARGATE, which supports the Pan-African Payment and Settlement System, exemplify Nigeria’s leadership in blockchain-driven finance [1].

Regulatory clarity and investor protection were central themes. Agama outlined plans for monthly SEC virtual engagement sessions and new tools like USSD codes to verify investment authenticity. These measures aim to address skepticism following the eNaira’s limited adoption. “Our responsibility is to serve you and not to serve ourselves,” Agama stated, reinforcing the SEC’s role in balancing innovation with consumer safeguards [1].

The summit underscored Nigeria’s unique advantages: access to regulators, a flexible environment for experimentation, and affordable, inventive labor. Aboyeji highlighted the country’s “jungle lab” of innovation, where young talent can rapidly prototype solutions. With $59 billion in cryptocurrency value received between July 2023 and June 2024, Nigeria’s digital economy is driven by practical needs rather than speculation.

Agama’s closing remarks urged founders to prioritize structure and governance: “It is only those that grow old that are counted.” By combining regulatory clarity, tech talent, and user-centric innovation, Nigeria aims to transcend its role as a participant in the global digital economy and shape its future. The summit marked a turning point, showcasing Nigeria’s potential to deliver scalable solutions for currency volatility and financial exclusion, with implications far beyond its borders.

Source: [1] [Nigeria Stablecoin Summit: Stakeholders champion real-world use cases for explosive adoption] [https://coinmarketcap.com/community/articles/688291e462fc924b0b927ceb/]