Central Bank of Nigeria

Central Bank of Nigeria publishes Regulations for the Operations of Non-Security Virtual Assets: licensing for naira and foreign-currency stablecoin issuers, full reserves plus a 2% buffer, a ban on algorithmic stablecoins and a deposit money token regime for banks

The Central Bank of Nigeria has published its Regulations for the Operations of Non-Security Virtual Assets in Nigeria (dated November 2026), a risk-based framework covering stablecoins, Deposit Money Tokens and virtual asset service providers. Issuers need a CBN licence: a Class 1 (naira-referenced) issuer must hold paid-up capital of ₦10,000,000,000 and a Class 2 (foreign-currency) issuer ₦15,000,000,000, while providers of other non-security virtual asset services need ₦1,000,000,000. Licensed issuers must keep at least 2% overcollateralisation of the par value of stablecoins in circulation, no single CBN-licensed deposit money bank may hold more than 30% of an issuer's reserve pool, and algorithmic stablecoins are listed as Prohibited Tokens. A Deposit Money Token is a token issued by a CBN-licensed bank that represents a direct claim on that bank and corresponds to an existing naira deposit liability; a bank may issue a stablecoin only through a separately incorporated Class 1 or Class 2 licensed issuer subsidiary. Existing operators must apply for a licence or authorisation within 180 calendar days of commencement and register with the Bank within thirty days. (Regulatory text in English.)

Central Bank of Nigeria