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Nigeria’s crypto rules take effect with a 180-day licensing window

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.

Original article: Cointelegraph

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