The Africa Stablecoin Network is pushing for a unified regulatory framework for digital assets across the continent, with Nigeria squarely in the conversation. This is not a fringe tech lobby. The demand for dollar-denominated stablecoins among Nigerians, both at home and in the diaspora, is already substantial and largely happening outside formal regulatory channels. People are using USDT and USDC to save, to receive remittances and to pay for imports. The infrastructure exists. The regulation is lagging.
For Nigerians in the diaspora especially, stablecoins have quietly become one of the most practical ways to move money home. Traditional remittance corridors are expensive and slow. Stablecoins, when they work, are faster and cheaper. The naira's volatility has also pushed many people to hold dollar-pegged assets as a hedge, and stablecoins are the most accessible form of that hedge for someone without a domiciliary account.
The CBN has had a complicated relationship with crypto, oscillating between bans and cautious re-engagement. A coherent framework, one that acknowledges how Nigerians are already using these tools, would be more useful than continued ambiguity. The ASN's push is essentially asking regulators to catch up with behaviour that is already widespread. Whether Nigerian authorities move fast enough to shape that space, or cede ground to informal markets, is the real policy decision being made right now.