Key facts
- Stablecoin issuers must fully back tokens with reserves and hold a buffer of at least 2% of token value.
- At least 40% of stablecoin reserves must be cash or qualifying highly liquid assets.
- Naira-backed issuers need 10 billion naira ($7.4 million) paid-up capital; foreign currency issuers need 15 billion naira ($11.1 million).
- Crypto payment, exchange and custody providers must hold minimum paid-up capital of 1 billion naira ($742,000).
- The rules prohibit stablecoins relying primarily on algorithms and tokens without enforceable redemption rights.
- Existing operators have 180 days to apply for licenses or authorizations.
Nigeria's central bank issued the Regulations for the Operations of Non-Security Virtual Assets on November 5, 2026, setting licensing and reserve requirements for stablecoin issuers, crypto payment providers, exchanges, custodians and other covered service providers. The rules took effect immediately, and existing operators have 180 days to apply for licenses or authorizations. The Central Bank of Nigeria said the framework aims to support responsible innovation while protecting consumers and financial stability.
Stablecoin issuers must fully back their tokens with reserve assets and maintain an additional buffer equal to at least 2% of their value. At least 40% of reserves must consist of cash or qualifying highly liquid assets. Minimum paid-up capital is set at 10 billion naira ($7.4 million) for naira-backed issuers and 15 billion naira ($11.1 million) for foreign currency-backed stablecoin issuers. Companies providing payment-related crypto services, including exchange and custody services, must maintain minimum paid-up capital of 1 billion naira ($742,000).
The regulations prohibit stablecoins that rely primarily on algorithms rather than eligible reserves to maintain their value, along with tokens that lack enforceable redemption rights. The move follows President Bola Tinubu's July executive order, which sought to coordinate crypto oversight among Nigerian authorities without changing their existing powers.
Nigeria has taken a restrictive approach to crypto trading, previously limiting banking access for exchanges and seeking to restrict peer-to-peer trading using local currency. The country drew international attention over its dispute with Binance, which discontinued its Nigerian naira services in March 2024 amid government scrutiny of crypto trading and allegations of currency manipulation. Nigerian authorities detained Binance executive Tigran Gambaryan for nearly eight months before dropping money laundering charges against him in October 2024. More recently, Nigeria's revenue agency introduced crypto tax collection rules for digital asset platforms and peer-to-peer marketplaces in August 2026.