Nigeria’s central bank mandates licenses for stablecoin issuers

The CBN's new framework sets naira capital floors, bans algorithmic stablecoins, and gives existing operators 30 days to register Nigeria’s central bank wants to know exactly who is minting digital dollars and digital naira in its backyard. On November 5, 2026, the Central Bank of Nigeria (CBN) rolled out a regulatory framework for non-security virtual assets, and stablecoin issuers are near the top of the list. The short version: issuers now need a license, a large pile of capital, and fully backed reserves. Algorithmic stablecoins, the kind that hold their peg through code and market incentives instead of cash in a vault, are banned outright. What the CBN is actually requiring The framework splits stablecoins into two buckets. Class 1 covers tokens pegged to the naira. Class 2 covers tokens referenced to foreign currencies such as the US dollar. Each class comes with its own price of admission. Class 1 issuers need minimum capital of N10 billion. Class 2 issuers face a steeper bar of N15 billion. Other virtual asset service providers (VASPs) that fall under the framework get a lighter requirement. Their minimum capital threshold is N1 billion. Then come the reserve rules. Stablec...