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Nigeria's Central Bank Forms Stablecoin Working Group
Nigeria's Central Bank Forms Stablecoin Working Group. Photo By Francis Tokede On Unsplash.
The Central Bank of Nigeria has revealed a working group on stablecoins.
Governor Olayemi Cardoso revealed the formation of a specialised working group dedicated towards the national stablecoin strategy for the African nation. With continued concerns for inflation as well as the unpopularity of the eNaira CBDC (Central Bank Digital Currency) launch due to privacy issues, this looks to be a step in the right direction with a more concrete regulatory framework to follow.
Nigeria saw 32.5% inflation rates in 2024, the highest since 1995. As a result, more merchants and individuals are leaning towards using popular stablecoins on platforms such as Opera's MiniPay wallet running on the Celo blockchain, with the mobile app achieving 10M wallet registrations since their launch in the country in 2023. Also, there was a survey done in 2024 by Canvassing that showed that 81% of participants in Nigeria saw 'value protection' as the most important reason for using stablecoins.
Nigeria's own stablecoin summit was hosted earlier this summer in Lagos, where industry participants such as the ASC (Africa Stablecoin Consortium) and BoundlessPay gathered to discuss the impact of stablecoins on local businesses, remittances and personal finances, as well as promote nationwide stablecoin networks. More local currency stablecoins are also starting to gain traction such as the cNGN, currently with a supply of $650M across several chains (Base, Ethereum, Polygon and BNB).
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct their own due diligence at all times.
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