Nigeria's top markets regulator has signaled a significant shift in the country's stance on digital assets, particularly stablecoins, aiming to revive engagement with the crypto sector over a year after a sweeping crackdown. Speaking at the Nigeria Stablecoin Summit in Lagos on Thursday, Securities and Exchange Commission (SEC) Director-General Emomotimi Agama declared Nigeria's openness to stablecoin businesses, provided they comply with the nation's evolving digital asset regulations.
"Nigeria is open for stablecoin business, but on terms that protect our markets and empower Nigerians," Agama stated, according to a report by The Cable. He confirmed that the SEC has already onboarded firms focused on stablecoin applications through its regulatory sandbox, envisioning Nigeria as a future leader in the space.
Agama articulated an ambitious vision for the future, stating, "Five years from today, I want to see a Nigerian stablecoin powering cross-border trade from Dakar to Dar es Salaam. I want to see global capital flowing into Lagos as the stablecoin hub of the global south."
Agama's remarks and recent SEC posturing come more than a year after Nigeria detained Binance executive Tigran Gambaryan and launched a wide-ranging crackdown on crypto operations, affecting major exchanges like Coinbase and others. Gambaryan, a U.S. citizen and former IRS investigator, was arrested in February 2024 during a compliance visit to Abuja and later faced charges. His case garnered international attention, with U.S. lawmakers urging his release. After eight grueling months, Gambaryan was released in October 2024 due to failing health, and the case was discontinued against him. He resigned from Binance in June 2025.
In a separate paper published in February 2025, Agama himself described stablecoins as a “critical element of the cryptocurrency ecosystem,” while also acknowledging "significant national security concerns" associated with their benefits.
Agama's welcoming remarks have sparked fresh debate on whether Nigeria can truly rebuild trust with global crypto firms and establish itself as a stablecoin hub.
Ryan Yoon, senior analyst at Tiger Research, commented, "While Nigeria has publicly banned crypto-related businesses following the Binance crackdown, the reality is that widespread grassroots participation continues." He cautioned, "Nigeria won't become a stablecoin hub overnight, but stablecoin adoption could help with domestic currency management."
Hank Huang, CEO of Kronos Research, expressed a degree of skepticism, telling, "Nigeria’s stablecoin signal is a strong step, but real revival requires regulatory reliability and robust ramps." He emphasized that firms considering operating in Nigeria would need clear frameworks, reliable access to fiat, and "predictable enforcement" to "seriously consider" entering the market.
Huang added that "strong legal safeguards and visible re-engagement from major players" are crucial to signal stability and confidence. "With solid fundamentals in place, the country has potential, but restoring deep liquidity will take consistent policy, clear fiat access, and time to rebuild trust," he concluded.
Nigeria's recent regulatory steps include the passage of the 2025 Nigerian Investment and Securities Bill, which defines crypto assets, and the SEC's "Crypto Smart, Nigeria Strong" initiative aimed at investor education and a more transparent licensing regime for Virtual Asset Service Providers (VASPs). The country also authorized the launch of cNGN, its first Naira-pegged stablecoin, earlier in 2025. These efforts indicate a proactive, albeit cautious, approach to integrating digital assets into its financial landscape.
July 2025, Cryptoniteuae