Nigeria may be edging closer to the global cryptocurrency mainstream, as the Central Bank of Nigeria (CBN) confirmed that the Federal Government is actively exploring the adoption of stablecoins, digital currencies pegged to assets such as the US dollar or naira.
The disclosure came from CBN Governor, Olayemi Cardoso, during a press briefing in Washington D.C., following the World Bank and International Monetary Fund (IMF) annual meetings.
Cardoso revealed that dedicated working groups, involving the CBN, the Ministry of Finance, and other regulatory bodies, have been commissioned to develop a regulatory and operational framework for stablecoins in Nigeria.
"The message from the meetings was clear. We must continue to support innovation, not stifle. However, it’s crucial that we balance innovation with the risks inherent in emerging technologies and digital currencies," he said.
According to a BusinessDay report, Cardoso confirmed that the CBN recently hosted a strategic session with Nigerian fintech leaders under the theme, "Shaping the Future of FinTech in Nigeria: Innovation, Inclusion, and Integrity."
The goal, he said, is to foster stronger collaboration between regulators and innovators to promote financial inclusion while safeguarding market stability.
Beyond digital finance, Cardoso offered a cautiously optimistic outlook on the Nigerian economy.
He believed that inflation is beginning to ease, crediting the CBN’s ongoing monetary tightening, foreign exchange reforms, and transparency measures.
CBN's boss added that the naira is stabilising, with the gap between official and parallel market rates narrowing to below 2 per cent.
Nigeria’s foreign reserves, he stated, have risen above $43 billion, enough to cover more than eleven months of imports, reflecting what he described as renewed investor confidence.
He also acknowledged the impact of fuel subsidy removal and fiscal reforms in creating fiscal space for productive investments.
Cardoso further cited the rising influence of non-bank financial institutions such as microfinance banks and digital lenders.
With global trends leaning towards alternative finance, he stressed the importance of monitoring and regulating this expanding sector to mitigate potential risks.
Minister of State for Finance, Doris Nkiruka Uzoka-Anite, who also spoke at the briefing, said the government is prioritising infrastructure, the digital economy, and agriculture to drive job creation.
She confirmed Nigeria’s participation in the World Bank’s Agri-Connect Programme, an initiative aimed at empowering women and vulnerable groups in agriculture through blended finance.
"With improved tax reforms, automation of revenue collection, and rising government income, we’ll have more resources to invest in these priority sectors," she said.
As Nigeria weighs the introduction of stablecoins, analysts say the move could redefine how citizens save, invest, and transact, revealing a potential turning point from the experimental rollout of the eNaira to broader digital currency integration.