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Nigeria’s Securities and Exchange Commission (SEC) has endorsed stablecoin businesses that adhere to local regulations. The SEC Director-General emphasized the role of stablecoins in Africa’s digital economy, citing their growing use amid volatile currencies.
- Nigeria’s SEC supports stablecoins if they comply with local regulations, signaling openness to blockchain-based payments.
- Stablecoins like USDT and USDC are critical in Nigeria due to volatile local currencies and inflation.
- The SEC’s announcement provides regulatory clarity, easing concerns for crypto firms and attracting foreign players.
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