ASNurges unified stablecoin regulation to boost Nigeria's payments
Africa Stablecoin Network (ASN) calls for coordinated regulatory framework to unlock stablecoin benefits for Nigeria. ASN supports CBN Governor Olayemi Cardoso's push for modernized cross-border payments, highlighting stablecoins' potential to reduce remittance costs from 5-7% to below 1% and speed transactions from 2-5 days to minutes. Benefits include improved cash flow for MSMEs and broader AfCFTA participation. ASN acknowledges CBN's concerns about currency substitution and financial stability but argues these can be addressed through proper regulation. The network points to ISA 2025 and CBN's Payments System Vision 2025 as pathways for collaboration between SEC and CBN. ASN advocates for unified national strategy involving SEC, CBN, and other agencies to bring economic activity into formal financial system while preventing Nigeria from being left behind in global money evolution.