Nigeria bans algorithmic stablecoins and tightens CBN licensing for stablecoin firms
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Nigeria’s Central Bank immediately banned algorithmic stablecoins and published Non-Security Virtual Asset regulations Thursday, giving existing crypto payment and stablecoin firms 180 days to obtain licences. Issuers must fully reserve tokens, keep an extra buffer of at least two percent, and place at least forty percent of reserves in cash or qualifying liquid assets. Naira-backed issuers need minimum paid-up capital of ten billion naira (about 7.4 million dollars) and foreign-currency-backed issuers fifteen billion naira (about 11.1 million dollars), after President Bola Tinubu’s July order coordinating oversight.
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