CBN PSV 2028 proposes regulating stablecoins as monetary instruments, potentially cutting remittance costs
The Central Bank of Nigeria's Payments System Vision 2028 proposes regulating stablecoins as monetary instruments, shifting from its 2021 crypto ban. The framework would require fiat-collateralized stablecoins to have 100% reserves, CBN licensing, and real-time oversight via RegTech nodes on blockchain networks.
This matters because Nigeria received $92.1 billion in crypto-asset value between July 2024-June 2025, with stablecoins driving over 65% of inflows—making it Africa's largest destination. For remittances (about $21 billion annually), current costs average 8.78% ($17.56 per $200); the CBN targets 5% fees via stablecoin rails, potentially saving billions. Freelancers and businesses already use stablecoins for cheaper cross-border payments and treasury management.
As of June 12, Nigeria's first regulated stablecoin cNGN had ₦2.3 billion in circulation across 4,805 wallets. The CBN explores requiring foreign-currency-backed stablecoins to hold reserves domestically with licensed banks to boost FX liquidity, contrasting with current offshore holdings.
Will you consider stablecoins for cheaper remittances or business payments once the CBN's regulatory framework launches, potentially cutting costs by nearly half while accessing dollar liquidity through regulated channels?