Nigeria tightens rules for dollar stablecoin issuers as naira coin lags

Nigeria’s central bank has set new rules that make issuers of dollar-linked stablecoins open a local presence and pass capital and reserve tests. Foreign companies that market their coins to Nigerians, even if they have no office in the country, will have to adapt to the new rules. Meanwhile, Nigeria’s own naira coin, cNGN, is still trying to win users. What do Nigeria’s new stablecoin rules require? The Central Bank of Nigeria (CBN) published a document called “Regulations for the Operations of Non-Security Virtual Assets in Nigeria.” It sets up licensing and oversight for what it calls Regulated Tokens. The rules were made under an order signed by President Bola Tinubu on July 17, 2026 and apply to coins that are backed by the naira and coins that are backed…

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