Nigeria's Central Bank Eyes Real-Time Stablecoin Tracking

Nigeria's Central Bank wants to gain real-time visibility into stablecoin transactions by running observer nodes on blockchain networks.

The regulator is concerned about the growing use of stablecoins in Nigeria, which are digital currencies pegged to real-world currencies. According to data from Chainalysis, between July 2024 and June 2025, digital currencies accounted for an estimated $205 billion in transaction flows in Sub-Saharan Africa.

The CBN's plan is outlined in its Payments System Vision 2028 (PSV 2028) document, which aims to regulate the stablecoin sector without giving up visibility over how money moves across it. The regulator wants to monitor transactions in real-time and ensure that issuers hold sufficient reserves.

Stablecoins are used for remittances and as a hedge against naira volatility, with Nigeria having the highest 24-hour stablecoin P2P transfer volume on centralized exchanges in Sub-Saharan Africa, reaching $48.2 million in 2025.