Nigeria Tightens Rules on U.S. Dollar Stablecoins
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AI-assisted source synthesis · not an independent investigation.
A report dated November 6, 2026, said that the Central Bank of Nigeria issued rules on non-security virtual assets, requiring foreign stablecoin issuers serving Nigerian users to establish a local presence and submit to licensing, capital, and reserve regulations. The report also said that the CBN set a capital requirement of 15 billion naira for foreign stablecoin issuers; an SEC draft, meanwhile, requires reserves for foreign-currency-backed stablecoins to reach at least 120% and requires foreign companies to designate a Nigerian representative. At the same time, the naira stablecoin cNGN is still seeking users, and the Central Bank of Nigeria has reportedly launched stablecoin sandbox testing.
AI-written from reports · updated 1 hour ago
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- CryptopolitanSelectedNigeria tightens dollar-backed stablecoin issuance rules, requiring a local presence and capital and reserve tests
The Central Bank of Nigeria has issued rules for non-security virtual assets, requiring foreign stablecoin issuers targeting Nigerian users to establish a local presence and submit to licensing, capital and reserve oversight. The CBN reportedly set a capital requirement of 15 billion naira for foreign stablecoin issuers, while an SEC draft requires reserves for foreign-currency-backed stablecoins to reach at least 120% and requires foreign companies to designate a Nigerian representative. Meanwhile, the naira stablecoin cNGN is still seeking users, and the Central Bank of Nigeria has reportedly launched stablecoin sandbox testing.
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