Nigeria is opening its doors to stablecoin firms as part of a broader shift toward a more supportive and structured approach to cryptocurrency regulation. The move was confirmed by Emomotimi Agama, Director-General of the Nigerian Securities and Exchange Commission (SEC), during the Nigeria Stablecoin Summit held in Lagos.

Regulated Stablecoin Business Welcomed

Agama stated that the country is ready to welcome stablecoin companies, provided they operate within a regulated framework. “Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians,” he said during a panel discussion at the summit.

He also revealed that several stablecoin-focused firms have already been admitted into the SEC’s regulatory sandbox. These firms are expected to comply with strict risk management principles to ensure safe and transparent operations. Agama highlighted that the sandbox model helps the commission monitor innovation while safeguarding investors and financial markets.

A Strategic Step for Financial Growth

Agama positioned stablecoin regulation as a key element in Nigeria’s broader financial development goals. He expressed optimism about the country’s future role in Africa’s digital finance landscape. “When the history books document Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” he said.

His comments reflect a notable evolution in Nigeria’s stance toward digital assets, shifting from caution to structured engagement with the crypto ecosystem. The SEC’s openness to innovation signals an effort to balance investor protection with economic opportunity.

Crypto Firms Show Renewed Interest in Nigeria

This regulatory shift is already drawing interest from international crypto firms. In late May, Blockchain.com announced plans to open a physical office in Nigeria, calling it their fastest-growing market in West Africa. Owenize Odia, the company’s general manager for Africa, welcomed Nigeria’s recent policy steps, noting that “Nigeria has taken meaningful steps toward creating a clear framework for crypto.”

Part of the Nigerian SEC’s board. Source: Nigerian SEC

Blockchain.com’s decision is seen as a vote of confidence in the government’s new direction and could pave the way for more investment and innovation in the sector.

Mixed Signals from the Past

Nigeria’s approach to crypto has not always been smooth. Earlier this year, Nigerian authorities took legal action against Binance, accusing the exchange of causing the naira’s sharp devaluation. A lawsuit filed in February claimed $81.5 billion in damages and alleged that Binance owed $2 billion in unpaid taxes.

Despite this, government officials have acknowledged the growing role of digital assets. In March, Minister of Information Mohammed Idris clarified that the government’s enforcement actions aim to improve regulation, not stifle innovation. He also recognised the growing importance of blockchain technology, saying it is becoming central to how Nigerians “transact, create and build.”

A New Era for Crypto in Nigeria

With its latest regulatory updates, Nigeria is making clear strides towards a more stable and innovation-friendly environment for digital assets. By welcoming stablecoin firms under strict oversight, the country is aligning itself with global trends while safeguarding its financial infrastructure. As more companies respond to this shift, Nigeria could emerge as a leading hub for crypto innovation in Africa.