Nigeria

Nigeria sets capital and licensing rules for stablecoin issuers and crypto operators

The central bank's new framework bans some algorithmic stablecoins and raises capital minimums, changing requirements for businesses handling digital assets in Africa's largest economy.

Photo: The Sun Nigeria

What happened

The Central Bank of Nigeria issued Regulations for the Operations of Non-Security Virtual Assets in Nigeria, dated November 5, 2026, which took effect the same day. allafrica.com+3 The rules set a minimum paid-up capital of 15 billion naira for stablecoins referenced to foreign currencies and 10 billion naira for naira-referenced stablecoin issuers. allafrica.com+3 The regulations ban algorithmic stablecoins and tokens referencing a fiat currency but backed mainly by other virtual assets. CoinMarketCap Academy+1 Issuers may not pay interest, yield or other returns to holders, and existing operators have 180 days from commencement to apply for a licence. CoinMarketCap Academy+1 Peer-to-peer transfers and cross-border commercial payments made with stablecoins must be linked to a banking identification number, and providers must meet anti-money laundering and travel rule requirements. bavijas.substack.com+1

Around it

The framework applies to operators whose activities affect Nigeria's financial system and foreign exchange market, whether or not they have a physical base in the country. bavijas.substack.com The central bank has stated that the rules provide for its oversight and do not override the responsibilities of the Securities and Exchange Commission and other relevant authorities. bavijas.substack.com+1 Covered virtual asset service providers generally face a separate minimum capital requirement of 1 billion naira. Blockwisely

What comes next

Existing operators have 180 days from the commencement of the regulations to apply for a licence. CoinMarketCap Academy+1

Sources

  1. allafrica.comWest Africa: Nigeria Sets N15b Capital Requirement for Foreign Stablecoin Issuers (opens in a new tab)
  2. bavijas.substack.comNew regulations for crypto operators, as Zenith Bank awards N190m prize for tech innovation (opens in a new tab)
  3. Ecofin AgencyNigeria Brings Stablecoin Transactions Under Foreign Exchange Rules (opens in a new tab)
  4. CoinMarketCap AcademyCoinMarketCap Academy (opens in a new tab)
  5. BlockwiselyNigeria Bans Algorithmic Stablecoins, Sets ₦15 Billion Capital Requirement for Dollar-Backed Issuers (opens in a new tab)
  6. The Sun NigeriaCBN: Strengthening Nigeria’s financial system via regulatory (opens in a new tab)

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