Nigeria’s central bank introduced licensing, capital and reserve requirements for crypto businesses under regulations that took effect immediately, according to Cointelegraph’s report published on November 6, 2026, at 21:57:14 UTC+8.
The Central Bank of Nigeria (CBN) issued the Regulations for the Operations of Non-Security Virtual Assets on Thursday. The framework covers stablecoin issuers, crypto payment providers, exchanges, custodians and other covered service providers.
Status at publication: The regulations were in force, while existing operators had 180 days to apply for licenses or authorizations. That window is an application period, not a statement that approvals have been granted.
Stablecoin reserve and capital requirements
Under the regulations, stablecoin issuers must:
- Fully back their tokens with reserve assets and maintain an additional buffer equal to at least 2% of the tokens’ value.
- Hold at least 40% of reserves in cash or qualifying highly liquid assets.
- Maintain minimum paid-up capital of 10 billion naira ($7.4 million) for naira-backed stablecoins, or 15 billion naira ($11.1 million) for foreign currency-backed stablecoins.
The rules prohibit stablecoins that rely primarily on algorithms rather than eligible reserves to maintain their value. They also prohibit tokens without enforceable redemption rights.
Companies providing payment-related crypto services, including exchange and custody services, must maintain minimum paid-up capital of 1 billion naira ($742,000).
The CBN said the framework aims to support responsible innovation while protecting consumers and financial stability.
Regulatory timeline
- March 2024: Binance discontinued Nigerian naira services amid government scrutiny of crypto trading and allegations of currency manipulation.
- October 2024: Nigerian authorities dropped money laundering charges against Binance executive Tigran Gambaryan after detaining him for nearly eight months.
- July 2026: President Bola Tinubu issued an executive order seeking to coordinate crypto oversight among Nigerian authorities without changing their existing powers.
- August 2026: Nigeria’s revenue agency introduced crypto tax collection rules for digital asset platforms and peer-to-peer marketplaces.
- Thursday before the November 6, 2026 report: The CBN issued the new regulations with immediate effect and a 180-day application window for existing operators.
The framework follows earlier restrictions on exchanges’ banking access and efforts to restrict peer-to-peer trading using local currency.