In a significant push for financial modernization, the Africa Stablecoin Network (ASN) has formally endorsed the call by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to overhaul cross-border payment systems. Following Cardoso’s address at the Intergovernmental Group of Twenty-Four (G-24) meeting, the network urged Nigerian regulators on Tuesday, February 24, 2026, to adopt a coordinated framework that leverages stablecoins to drive economic growth.
The economic and structural consequence of the current system is the persistent isolation of millions of Nigerians from global markets. Governor Cardoso highlighted that cross-border payments remain “too slow, too costly, and too fragmented,” with global remittance costs exceeding 6% and settlement lags spanning several days. The ASN argues that while stablecoins may be a luxury in Western markets, they represent a lifeline for Africa, capable of slashing transaction times from days to minutes and reducing remittance costs to below 1%.
Analytically, the integration of stablecoins into Nigeria’s financial architecture offers several strategic advantages. Faster settlements improve cash flow for small businesses, allowing them to pay international suppliers instantly and participate more effectively in the African Continental Free Trade Area (AfCFTA). Additionally, by bringing digital asset transactions into a regulated environment, the government can monitor value flows that currently sit outside formal banking channels. The network advocates for a unified national strategy that aligns the SEC, CBN, NFIU, and the Data Protection Commission to ensure oversight keeps pace with innovation.
The impact on “Legal Clarity and Market Protection” is a vital dimension of this advocacy. The ASN pointed to the Investment and Securities Act 2025 as a landmark piece of legislation that empowers the Securities and Exchange Commission (SEC) to regulate digital assets. SEC Director-General Dr. Emomotimi Agama recently affirmed that Nigeria is open for stablecoin business, provided the terms protect local markets and empower citizens. This shift suggests a move away from the prohibitive stances of the past toward a regulatory sandbox approach that invites innovation under strict supervision.
Furthermore, ASN President Nathaniel Luz addressed concerns regarding currency substitution and monetary sovereignty. He argued that the greatest risk to the Naira is not the adoption of digital assets, but rather being left behind while others shape the future of money. By integrating stablecoins within the CBN’s Payments System Vision 2025, the apex bank can mitigate volatility risks while providing a transparent, blockchain-based alternative to expensive traditional corridors.
The long-term outlook for Nigeria’s digital economy depends on the speed of inter-agency coordination. The ASN maintains that coordination, clarity, and forward-thinking regulation are the only ways to turn current payment bottlenecks into an economic advantage. As the SEC and CBN continue to refine their collaborative framework, Nigeria stands on the cusp of becoming Africa’s primary hub for regulated digital finance, ensuring that the country’s 200 million citizens are no longer disconnected from global opportunity.
