INTRODUCTION
The early skepticism surrounding cryptocurrencies is giving way to broader acceptance, with stablecoins playing a central role in this shift. Stablecoins are digital tokens that are designed to remain stable in value relative to a fiat currency (like the US dollar or Nigerian Naira) or a commodity (like Gold). The appeal of stablecoins lies in their price stability and this has driven adoption for
payments, remittances and savings especially in markets where local currencies are volatile. In Nigeria the combination of currency weakness, high inflation and robust crypto adoption has made stablecoins like Tether (USDT) and USD Coin (USDC) immensely popular. A 2024 report estimated that more than 26 million Nigerians (roughly 12 % of the population) were already using stablecoins for remittances, savings and cross‑border purchases. Recognising this growth and the risks of an unregulated market, Nigeria has gradually pivoted from prohibiting crypto to building a regulatory framework for digital assets and, more recently, stablecoins.
This article reviews Nigeria’s evolving regulatory landscape for stablecoins, drawing on the Securities and Exchange Commission’s (SEC) rules, the Accelerated Regulatory Incubation Programme (ARIP) and the Investment & Securities Act 2025. It then compares Nigeria’s approach with leading global frameworks — the United States’ GENIUS Act, the European Union’s MiCA regulation, Singapore’s MAS stablecoin regime, Hong Kong’s Stablecoin Ordinance, and Japan’s revised Payment Services Act and considers how Nigeria can align its rules with international best practice.
