Central Bank of Nigeria tightens crypto rules, introduces new stablecoin requirements

Nigeria’s central bank has implemented new regulatory measures for cryptocurrency businesses, introducing strict licensing and reserve conditions for stablecoin issuers and digital asset payment services. The Central Bank of Nigeria (CBN), which serves as the country’s primary financial regulator, aims to strengthen oversight of one of Africa’s largest crypto markets. The CBN announced the immediate enforcement of its Regulations for the Operations of Non-Security Virtual Assets. These rules apply to stablecoin issuers, cryptocurrency exchanges, payment providers, custodians, and other relevant service operators in Nigeria’s digital asset industry. Existing virtual asset operators have a 180-day transition period to comply by applying for the necessary licenses or authorizations. The new regulatory framework, according to the CBN, is intended to foster responsible innovation while ensuring the protection of consumers and maintaining financial stability.

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