COINTELEGRAPH · 2026-11-06 13:57 UTC

Nigeria sets new crypto licensing rules, bans algorithmic stablecoins

Nigeria's central bank issued regulations for non-security virtual assets, covering stablecoin issuers, payment providers, exchanges and custodians, effective immediately with a 180-day window for existing operators to apply. Stablecoin issuers must fully back tokens with reserves plus a 2% buffer, with at least 40% in cash or highly liquid assets; minimum paid-up capital is 10 billion naira for naira-backed and 15 billion naira for foreign currency-backed issuers. Algorithmic stablecoins and tokens lacking enforceable redemption rights are prohibited.

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