Nigeria’s Central Bank has formed a special team to study stablecoin use, regulation, and impact across the economy.
The Central Bank of Nigeria (CBN) has created a dedicated working group to assess the potential adoption of stablecoins in the country.
CBN Governor Olayemi Cardoso announced the move after the IMF–World Bank meetings in Washington, D.C., explaining that the group will study the regulatory, economic, and technological implications of stablecoins.
Cardoso emphasized the need to balance innovation with risk management, ensuring safe growth in Nigeria’s digital finance space. Nigeria already leads Africa in stablecoin use, recording over $24 billion in 2024 transactions. The sector continues to attract fintech and crypto startup funding.
Recently, the CBN also met with fintech leaders at a session themed “Shaping the Future of FinTech in Nigeria: Innovation, Inclusion and Integrity.” On the economy, Cardoso noted declining inflation, a stronger Naira, and foreign reserves above $43 billion, providing 11 months of import cover.
Meanwhile, Minister of State for Finance, Doris Uzoka-Anite, reaffirmed government plans to invest in infrastructure, agriculture, and the digital economy, especially to support women and vulnerable groups.
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