Nigeria Launches Working Group on Stablecoin Regulation

Nigeria’s central bank and finance ministry have formed a cross-agency working group to study stablecoin adoption and draft a regulatory framework. Announced by Central Bank Governor Olayemi Cardoso at the IMF–World Bank annual meetings in Washington DC, the committee will assess the risks and benefits of stablecoin issuance. It aims to balance innovation in Nigeria’s digital economy against financial stability. Cardoso cited easing inflation, exchange rate unification, and more than $43 billion in foreign reserves as supportive macroeconomic conditions. He noted the naira’s strengthening and a bureau de change spread now below 2%. Recent fiscal reforms, including fuel subsidy removal and expenditure rationalization, have bolstered public finances and freed up capital for productive investments. Finance Minister Doris Uzoka-Anite highlighted government priorities in infrastructure, agriculture and job-creating digital economy projects. She said revenue growth from tax reforms and digitized collections will further fund these sectors. Nigeria’s cautious yet proactive approach to stablecoin adoption aligns with global trends. The working group’s findings could shape future digital currency policies and influence market sentiment, creating new trading opportunities for stablecoin adoption and broader crypto investments.