Nigerians are investing with cNGN stablecoin. Regulators say this is risky

Stablecoins have not yet demonstrated consistent price stability, raising questions about their reliability. Nigeria's SEC chief warned that when the purpose of holding them shifts from payments to financial returns, the risk profile changes. Payment use mainly affects users and infrastructure, while investment use introduces wider risks to lenders, borrowers, and protocol operators, heightening the chance of systemic contagion. When stablecoins are used in investment arrangements, the regulator must ensure they comply with securities laws.

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