CBN Confirms Moves by FG to Adopt Cryptocurrency, Forms Team to Study Stablecoin
- The Nigerian government is a step closer to cryptocurrency adoption, especially stablecoins
- The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this recently in Washington
- The CBN boss said the government has formed a team to study stablecoins, which are usually pegged to the US dollar
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Nigeria may soon join the global wave of cryptocurrency adoption as the Central Bank of Nigeria (CBN) confirmed that the Federal Government is studying stablecoins, digital currencies pegged to real-world assets like the US dollar or naira, as part of its plan to modernize the financial system.
The revelation came from CBN Governor, Olayemi Cardoso, during a press briefing in Washington DC, following the World Bank and International Monetary Fund (IMF) annual meetings.
Source: Getty Images
FG, CBN form working Group to explore stablecoins
Cardoso announced that the CBN, in partnership with the Ministry of Finance and other key agencies, has set up dedicated working groups to explore a viable regulatory and operational framework for stablecoin adoption in Nigeria.
“The message from the meetings was clear — we must continue to support innovation, not stifle it,” he said. “However, it’s crucial that we balance innovation with the risks inherent in emerging technologies and digital currencies.”
This marks a major shift for Nigeria, whose central bank previously restricted cryptocurrency-related transactions in the banking sector.
CBN strengthens collaboration with fintech sector
According to a BusinessDay report, Cardoso revealed that the apex bank recently held a strategic session with Nigerian FinTech leaders under the theme, “Shaping the Future of FinTech in Nigeria: Innovation, Inclusion, and Integrity.”
He said the goal is to deepen collaboration between regulators and innovators, ensuring financial inclusion while maintaining market stability.
The renewed dialogue with FinTech players reflects the CBN’s evolving approach, moving from restriction to regulation, as Nigeria seeks to position itself as Africa’s leading digital finance hub.
Economic indicators show recovery
Beyond digital innovation, Cardoso gave an optimistic update on Nigeria’s economy.
He said inflation is gradually easing due to the CBN’s disciplined monetary tightening, exchange rate unification, and improved transparency in the forex market.
According to him, the naira continues to stabilize, with the gap between official and parallel market rates narrowing to below 2 percent. Nigeria’s foreign reserves now exceed $43 billion, enough to cover more than eleven months of imports, a sign of renewed investor confidence.
He added that the removal of fuel subsidies and expenditure reforms have rebalanced public finances and created room for productive investments.
Non-bank financial sector on the rise
Cardoso also highlighted the growing importance of non-bank financial institutions such as microfinance banks and digital lenders. Globally, he noted, dependence on traditional banks is shrinking while fintech and alternative finance players are expanding rapidly.
“There’s a need to closely monitor this sector and strengthen regulations to manage potential risks,” he said.
FG prioritises jobs, digital economy, and agriculture
Minister of State for Finance, Doris Nkiruka Uzoka-Anite, said the government is focusing on infrastructure, digital economy, and agriculture to drive job creation.
She disclosed that Nigeria has joined the World Bank’s Agri-Connect Programme, a blended finance initiative aimed at empowering women and vulnerable groups in agriculture.
“With improved tax reforms, automation of revenue collection, and rising government income, we’ll have more resources to invest in these priority sectors,” Uzoka-Anite said. “This will further catalyse business growth and job creation across the country.”
A new financial era on the horizon
As Nigeria weighs the adoption of stablecoins, the move could reshape the nation’s financial landscape, potentially redefining how Nigerians save, invest, and transact.
Source: Twitter
From the eNaira’s cautious debut to this bold step toward crypto integration, Nigeria appears ready to embrace the digital revolution, one stablecoin at a time.
SEC lists names of 5 approved to cryptocurrency in Nigeria
Legit.ng earlier reported that Securities and Exchange Commission (SEC) has released the list of cryptocurrency companies authorised to operate in Nigeria.
The approval comes amid ongoing efforts to regulate digital assets.
According to a statement from the SEC, it has granted approval in principle to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, to begin operations under its Accelerated Regulatory Incubation Program (ARIP).
Source: Legit.ng
