CBN Confirms Nigeria's Plan to Adopt Cryptocurrency and Study Stablecoin

The Central Bank of Nigeria (CBN) has confirmed the Federal Government's intention to adopt cryptocurrency and explore stablecoin as part of its plan to modernize the financial system. CBN Governor Olayemi Cardoso announced the formation of a team to study stablecoin during a press briefing in Washington DC following the World Bank and IMF annual meetings.

The move signifies a major shift for Nigeria, which previously had restrictions on cryptocurrency-related transactions. The partnership between CBN, Ministry of Finance, and key agencies aims to establish a regulatory framework for stablecoin adoption, reflecting Nigeria's evolving approach to financial innovation and inclusion.