What happened?
Nigeria’s Central Bank set up a new task force to study adopting official stablecoins while the eNaira remains largely unused and technically neglected. The move follows low eNaira activity, removed apps and nonfunctional USSD, plus past efforts to revive it with partners and expanded government payment plans. The CBN says this is part of a broader push to support innovation while managing financial stability risks.
Who does this affect?
This affects everyday Nigerians who rely on remittances and digital payments, fintech firms, banks and crypto businesses that already use stablecoins extensively. It also matters to eNaira users and potential adopters who’ve been frustrated by poor usability and low awareness. Regulators and policymakers are affected too, since they’ll need to design rules that balance innovation with monetary stability.
Why does this matter?
Shifting focus toward regulated stablecoins could reshape payment flows by formalizing what’s already happening in the crypto market and potentially sidelining the struggling eNaira. That can boost remittance efficiency and crypto market liquidity but also raises questions about monetary policy control, foreign exchange pressure and how banks manage deposits. Clear rules or a CBN-backed stablecoin would likely increase investor and user confidence, change demand for the naira and influence the competitive landscape for payments and financial services.