CBN Sounds Alarm: Stablecoins Threatening Nigeria's Foreign Exchange Stability as Digital Dollar Adoption Surges
By Elvis Onuigbo | February 19, 2026 Central Bank Central Bank Governor Olayemi Cardoso warns that the rapid growth of stablecoin transactions now approaching $22 billion annually in Nigeria risks undermining monetary sovereignty and destabilising the naira. In the most forceful public statement yet from Nigeria's monetary authority on the subject of digital assets, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has issued a sweeping warning that the explosive growth of stablecoins and private digital payment platforms poses a direct threat to the country's foreign exchange stability, monetary sovereignty, and its ability to transmit monetary policy. Speaking at the G-24 Technical Group Meetings in Abuja on Wednesday, February 19, 2026, Cardoso placed Nigeria's stablecoin challenge in a broader global context, arguing that without coordinated international frameworks, emerging market economies like Nigeria stand to lose the most — watching their curr...