Nigeria tightens rules for dollar stablecoin issuers as naira coin lags

The Central Bank of Nigeria has imposed licensing, local-presence and capital-and-reserve conditions on companies that issue dollar-pegged stablecoins for the Nigerian market, with foreign issuers reportedly facing a 15 billion naira (about $10.5 million) capital threshold. The measures stem from an executive order President Bola Tinubu signed on July 17, 2026, covering naira- and foreign-currency-linked tokens; the order established a CBN-led Virtual Asset Council, and the rules create licensing and oversight for Regulated Tokens. The Securities and Exchange Commission issued separate draft rules on August 20, 2026, setting reserve floors of 120% for foreign-currency-backed stablecoins and 100% for naira-backed tokens. Nigeria’s own naira stablecoin, cNGN, has been in pilot since February 27, 2024, and is still seeking users.