Nigeria's 2025 Act, cNGN Stablecoin Address 70M Unbanked as Naira Depreciates 226%

Nigeria’s emergence as a blockchain innovation leader was underscored at the Africa Stablecoin Summit, held at the Lagos Oriental Hotel. Hosted by the Africa Stablecoin Network (ASN) and themed “Enhancing Adoption for a Borderless Digital Economy,” the event brought together regulators, fintech pioneers, and policymakers to explore how stablecoins can address economic challenges like currency volatility and financial exclusion. With Nigeria ranked second globally in cryptocurrency adoption by Chainalysis, the summit emphasized practical use cases to drive mass adoption [1].

Dr. Emomotimi Agama, Director-General of Nigeria’s Securities and Exchange Commission (SEC), highlighted the 2025 Investments and Securities Act (ISA 2025) as a cornerstone of regulatory clarity. The legislation designates the SEC as the authority for digital assets, including stablecoin issuance, while the Central Bank of Nigeria (CBN) oversees payment systems. Agama stressed transparency through initiatives like the Accelerated Regulatory Incubation Programme (ARIP), which streamlines access to regulatory frameworks via fintech.gov. “Nigeria is home for business,” he declared, positioning the country as a more business-friendly hub than Delaware [1].

Stablecoins were framed as essential tools for Nigeria’s 70 million unbanked citizens and international trade. ASN President Nathaniel Luz noted their role in stabilizing the naira, which depreciated from ₦460 to ₦1,500 against the dollar between 2022 and 2025. The cNGN stablecoin, launched in 2025, exemplifies this utility, enabling seamless cross-border transactions. Iyinoluwa Aboyeji of Future Africa argued that users prioritize tangible solutions over technological hype, urging fintechs to address pain points like delayed international payments. “People care about what their money can do,” he stated, emphasizing stablecoins as tools for affordable global commerce and savings against inflation [1].

Regulatory collaboration and infrastructure were recurring themes. Obinna Iwuno of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) advocated for interoperable systems, such as Interstellar’s STARGATE platform, to connect stablecoins with everyday commerce. Agama also outlined investor protection measures, including USSD codes and a web portal for verifying investment authenticity, addressing skepticism following the eNaira’s limited adoption. Monthly SEC virtual engagement sessions were announced to maintain dialogue with innovators [1].

The summit showcased Nigeria’s vibrant ecosystem through a $10,000 startup pitch competition and an undergraduate essay contest. Agama advised founders to prioritize structure and governance, stating, “Only those that grow old are counted.” With $59 billion in cryptocurrency inflows between July 2023 and June 2024, Nigeria’s digital finance sector is driven by necessity rather than speculation. Franklin Peters of BoundlessPay highlighted stablecoins’ applications in treasury management and cross-border trade, reinforcing the event’s focus on real-world impact [1].

By balancing innovation with regulatory clarity, Nigeria aims to redefine its role in global digital finance. The summit’s collaborative spirit and emphasis on user-centric solutions position the country to lead Africa’s fintech revolution, leveraging its tech talent and regulatory framework to address systemic economic challenges.

Source: [1] [title1Nigeria Stablecoin Summit: Stakeholders champion real-world use cases for explosive adoption] [url1https://coinmarketcap.com/community/articles/688291e462fc924b0b927ceb/]