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Nigeria

Central Bank of Nigeria sets new rules for stablecoin issuers and crypto operators

The rules impose capital requirements, ban algorithmic stablecoins and yield, and tighten identity checks, affecting firms that operate in Nigeria's financial system and foreign exchange market.

Photo: The Sun Nigeria

What happened

The Central Bank of Nigeria issued Regulations for the Operations of Non-Security Virtual Assets in Nigeria on November 5, 2026, and they took effect the same day. bavijas.substack.com+2 The regulations require a minimum paid-up capital of 15 billion naira for foreign currency-referenced stablecoin issuers and 10 billion naira for naira-dominated token issuers. bavijas.substack.com+1 The rules ban algorithmic stablecoins and prohibit issuers from paying holders interest, yield or other returns. CoinMarketCap Academy Operators must comply with anti-money laundering and counter terrorist financing measures, transaction monitoring, sanctions screening and the travel rule, and peer-to-peer providers need specific central bank approval. bavijas.substack.com+1 The regulations apply to operators whether or not they have a physical base in Nigeria, where their activities affect the financial system or the foreign exchange market. bavijas.substack.com

Around it

The framework creates separate licences for naira-referenced and foreign currency stablecoins, and existing operators have 180 days from commencement to apply for a licence. CoinMarketCap Academy The central bank said the regulations provide for its oversight and do not override the responsibilities of the Securities and Exchange Commission and other relevant authorities. bavijas.substack.com The regulations run to 169 pages and are described as a step towards strengthening oversight of the emerging virtual asset sector. CoinMarketCap Academy+1

What comes next

Existing operators have 180 days from commencement to apply for a licence under the new framework. CoinMarketCap Academy

Sources

  1. bavijas.substack.comNew regulations for crypto operators, as Zenith Bank awards N190m prize for tech innovation
  2. allafrica.comWest Africa: Nigeria Sets N15b Capital Requirement for Foreign Stablecoin Issuers
  3. CoinMarketCap AcademyCoinMarketCap Academy
  4. The Sun NigeriaCBN: Strengthening Nigeria’s financial system via regulatory

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